Frequently Asked
Questions

Find Solutions to Common Issues Related to configurations - change fy

FAQs

When changing financial years, how can I specify which account balance to carry forward?

Please follow the following steps for carry forward of closing balance from last year as opening balance for next year:
Step 1: After finalization of Balance Sheet in relevant previous year go to Administration tab.
Step 2: Then last option of that tab change financial year. Select relevant year
Step 3: A dialogue box appear Carry Balance All Masters, New and change master. Select All master process will start updating balance in next financial year

Can you please provide the steps to split the company for the year 2023-24?

Please follow the below steps to split the company:
Step 1:  Take Backup of all financial year before splitting process. 
Step 2 : Open BUSY 
Step 3 : Press Enter on Split Financial Year 
Step 4 : Select the Company
Step 5 : Select the first or last Financial Year 
Step 6 : Click on Split option
Step 7 : Go to Open Company and check the Financial Year is splitted from the company

How can a user resolve issues with forwarding balance in BUSY Accounting Software?

Please follow the following steps for carry forward of closing balance from last year as opening balance for next year:
Step 1: After finalization of Balance Sheet in relevant previous year go to Administration tab.
Step 2: Then last option of that tab change financial year. Select relevant year
Step 3: A dialogue box appear Carry Balance All Masters, New and change master. Select All master process will start updating balance in next financial year

Can I carry forward balance from a previous financial year to next year?

Yes, you can forward balance from previous to next financial year by follow these steps:
Step 1: Take the latest backup of your data.
Step 2: Go to administration section then click on change financial year option.
Step 3: Select the current financial year option then select yes for carry forward the balances.
Step 4: Select either all masters or new and changed masters option as required.
Step 5: Click on start tab and complete the process.

What should I do if I want to do splitting a company?

Please follow the below steps to split the company:
Step 1:  Take Backup of all financial year before splitting process. 
Step 2 : Open BUSY 
Step 3 : Press Enter on Split Financial Year 
Step 4 : Select the Company
Step 5 : Select the first or last Financial Year 
Step 6 : Click on Split option
Step 7 : Go to Open Company and check the Financial Year is splitted from the company

How can I remove a financial year from the of the data?

Please follow the below steps to split the company:
Step 1:  Take Backup of all Financial Year before splitting process. 
Step 2 : Open BUSY 
Step 3 : Press Enter on Split Financial Year 
Step 4 : Select the Company
Step 5 : Select the First or Last Financial Year 
Step 6 : Click on Split option
Step 7 : Go to Open Company and check the Financial Year is splitted from the company

Process to update to new financial year in BUSY? Backup necessary?

Yes, it is necessary to take a backup before updating to a new financial year in BUSY 
 Step1: After taking the backup, the process of updating master balances in housekeeping should be run. 
 Step2: Then, the financial year can be changed in the 
 Step3: Go to administration section 
 Step4: select financial year change 
 Step5: click on New Year from, select balances can be carried forward and run

Can i create successive or next financial year in BUSY ?

You can create successive and next finanacial year in BUSY and here are the steps :
Step 1: Go to Administration menu 
Step 2: Click on change Financial year option 
Step 3: Then click on New Year from ( date ) 
Step 4: Then click on on OK button 
Step 5: Then click on Start button 
Step 6: Then a confirmation message will appear on the screen and click on OK button

How to split a Financial Year?

Please follow the below steps to split the company:
Step 1:  Take Backup of all financial year before splitting process. 
Step 2 : Open BUSY 
Step 3 : Press Enter on Split Financial Year 
Step 4 : Select the Company
Step 5 : Select the First or Last Financial Year 
Step 6 : Click on Split option
Step 7 : Go to Open Company and check the Financial Year is splitted from the company

Guide me on closing a financial year and rolling over in BUSY.

To close a financial year and change fin yr in BUSY, follow these Steps:
Step 1 : This involves reconciling and finalizing the past yearly data.
Step 2 : Make sure to review and reconcile all transactions, balances, and reports before finalizing the year.
Step 3 : take backup of your data
Step 4 : click on administration
Step 5 : change financial year
Step 6 : switch to the next financial year with carry balances all.