Frequently Asked Questions

Before you close an accounting period in BUSY, we suggest you follow these steps:
Step 1: Post a depreciation voucher to calculate the actual value of your fixed assets.
Step 2: Pay off all your liabilities that are due in the current financial year.
Step 3: Review your balance sheet and profit & loss statements and correct any errors if found.
Step 4: Transfer your net profit or loss amount to the capital account.
Step 5: Review your inventory also and pass stock journal or physicall stock voucher if found any discrepencies.

If you are unable to record or update opening balance of stock account in BUSY, check the possible reason:
1. If the previous financial year exist within the company, then you will not able to modify or update opening stock in the stock master.
2. Opening balance of master will not modify or update in beginning financial year if the data is freeze.
3. Check if you have logged in the company with sub user and have permission restriction then also will not able to modify or update master opening.

To create new financial year in a company, please follow these steps:
Step 1: Go to administration menu then select change financial year option.
Step 2: Then click on new year from and press ok button to create new year.
Step 3: Click on start button to start the process.
Step 4: It will take some time vary upon the data size. 
Step 5: After completing it successfully, you will get an pop up of financial year changed successfully then click on ok button to auto switch in the new year.

Their is no such option of auto population of closing balance to new year in BUSY, if you want carry forward the previous year balances to new year follow below steps:
 Step 1: Take a latest backup of the compnay.
 Step 2: Then open the previous Fy in BUSY and go to houskeeping menu.
 Step 3: Select update master balances option and run the process then go to administration option.
 Step 4: Then select change F.Y option and carry forward with new and change option.

To transfer closing balances from previous financial year to a new one, you need to follow these steps :
Step 1: Go to administration menu then click on change financial year 
Step 2: Then click on New year from and select ok to create new year.
Step 3: Click on start button to start the process and check after complete it.
Step 4: After completing it you will get an pop up of Financial year changed successfully then click on Ok button to auto switch in the new year.

To create new financial year in BUSY, please follow these steps:
Step 1: Go to administration menu then select change financial year option.
Step 2: Then click on new year from and press ok button to create new year.
Step 3: Click on start button to start the process.
Step 4: It will take some time vary upon the data size. 
Step 5: After completing it successfully, you will get an pop up of financial year changed successfully then click on ok button to auto switch in the new year.

To link or carry forward the closing ITC balance from the last financial year to the opening balance of the current financial year, Please follow below steps: 
 Step 1 : Go back to the last financial year. 
 Step 2 : In the Administration Menu, choose Change Financial Year. 
 Step 3 : Pick Carry Pending ITC Entries for the financial year starting from April 1, 20XX. 
 Step 4 : After carrying forward your pending ITC, switch back to the current financial year.

No, once you split the financial year of your company then you can not update the closing stock of last year as the opening stock of the next financial year. You need to enter stock value manually in the new financial year by using these steps:
Step 1: Open your company then go to Administration menu.
Step 2: After that select Masters and choose Account then click to Modify.
Step 3: Select the Stock account and after opening it enter the opening stock value manually then save it.

To correct entries in previous financial year and carry forward balance you have to follow the below steps:
 Step 1: Go to Administration then click on change financial year to previous
 Step 2: Click on Financial year for the year and press ok
 Step 3: Then select entry and modify then save
 Step 4: Go to administation then select change financial year option
 Step 5: then select the financial year and prompt will show for do yo want to carry forward balance select yes

You can transfer your previous year data to the next financial year by following the below steps:
Note: Take latest backup of the company data
Step 1: In the last financial year, go to Administration menu and then click on Change Financial year section
Step 2: Then click on New Year start from option and press Yes and select New and change masters option
Step 3: Now click on start button and it will take few minutes to transfer the data from previous year to the next financial year