Frequently Asked
Questions
Find Solutions to Common Issues Related to configurations - change fy
How can I claim credit/debit notes in GST return that were created last financial year?
Claim credit/debit notes in GST return that were created last financial year,need to follow these steps to resolve the issue:
Step 1: Open the BUSY software.
Step 2: Look for an option called Administration in the menu. Click on it.
Step 3: In the Administration menu, find and click on the Change Financial Year option.
Step 4; Choose the current financial year (FY) to work in, and start the process.
Step 5: If you also have some leftover work or tax credit entries from the previous year that you want to use in the current year, you can do that using the same Change Financial Year menu.
Step 6 : To change the status pending ITC Entries go to the Transacton menu .
Step 7: Click on Gst Misc Utilities option.
Step 8: Select monthly ITC tagging as per GSTR 2A / GSTR 2B
Step 9 : Select Partywise . Step 10 : In report view enable show previous year transaction . Step 11 : Select the entry and press F4 to change the status ,
How can i merge separated current financial year with the prevoius financial year company in BUSY?
You can merge separated current financial year with the prevoius financial year company in BUSY by following below steps:
Step1: Take the latest backup of your data in which you want to create new financial
Step2: Then open the current financial year company from which you want to export data
Step3: Go to administration menu then click on data export import option
Step4: Choose the Data export import XML then click on export data
Step5: After that select transaction option and specify the date range from which you intend to export transactions
Step6: Make sure to select export relevant master also option
Step7: then specify file path and select export option to export the data
Step8: Now open the previous year company and go to administration menu
Step9: Then click on change financial year option and create a new financial year in which you are going to import data
Step10: Then go to administration section then click on data export import option.
Step11: Choose the Data export import XML then click on import data.
Step12: Provide file path then press on ok tab and import the data.
Is it possible to merge the split financial years back together?
Ideally it is not possible to merge the split financial years back together but there exists an alternative option that you may consider:
Step 1: Take the latest backup of your data.
Step 2: Then open the source company from which you want to export data.
Step 3: Go to administration menu then click on data export import option.
Step 4: Choose the Data export import XML then click on export data.
Step 5: After that select transaction option and specify the date range from which you intend to export transactions
Step 6: Make sure to select export relevant master also option
Step 7: then specify file path and select export option
Step 8: Now open the target company
Step 9: Go to administration section then click on chnage financial year and create a new financial year in which you are going to import data
Step 10: Then go to administration section then click on data export import option.
Step 11: Choose the Data export import XML then click on import data.
Step 12: Provide file path then press on ok tab and import the data.
Why are opening balances affecting my accounts matching currently?
If there is any mismatch in account opening then it will affect the accounts accuracy. In such case you can update the opening balance as same as exist in previous year by following the steps:
Step 1: Take the latest backup of you data.
Step 2: Login company with admin user and switch the financial year to previous year.
Step 3: Go to administration section then click on master menu and select the modify option.
Step 4: Next, select the relevant account master whose closing not appear as opening and resave the account master
Step 5: Afterward, Go to administration then click on change fincial year option.
Step 6: Select the required financial year then a window will appear to carry balance , click on Yes.
Step 7: Now, Select New and change master for balance to be carried then click on Start button.
Note- In case of splited data or data have single finacial year, you need to specify the opening balance of account manually.
Why are indirect expenses from last year carrying forward into current year's books?
If the indirect expenses of last year is carryforwarding to current financial year please follow these steps to get this solved:
Step 1: Go to previous year then Go to administration menu
Step 2: Then click on masters and select account
Step 3: Open the indirect expense account master from modify or list button
Step 4: Check its group if wrong change it to indirect expense otherwise save it
Step 5: Then go to house-keeping menu and run regenerate master help files and update master balance but before running it make sure you have the latest backup of your data
Step 6: Then go to administration menu
Step 7: Afterwards click on change financial year option
Step 8: Then select current financial year and click on it
Step 9: Then it will show you a popup window for carryforward the balances
Step 10: Then Select it as yes and then run it with new and changed masters and click on start button
Step 11: After that your balance will properly reflect in current year
How do I properly close an accounting period and generate financial statements in BUSY?
Before you close an accounting period in BUSY, we suggest you follow these steps:
Step 1: Make sure you have record all the transactions.
Step 2: Reconcile your bank enteries by using the Bank Reconciliation feature.
Step 3: Post a depreciation voucher to calculate the actual value of your fixed assets.
Step 4: Pay off all your liabilities that are due in the current financial year.
Step 5: Review your balance sheet and profit & loss statements and correct any errors if found.
Step 6: Transfer your net profit or loss amount to the capital account.
Step 7: Review your inventory also and pass stock journal or physicall stock voucher if found any discrepencies.
To generate financial statements in BUSY, you can generate Balance Sheet and Profit & Loss by using these steps:
Step 1: Open your company, then, go to the Display menu.
Step 2: Click on Final Results and choose the Profit & Loss A/c or Balance sheet.
Step 3: Enter the date range. You will see a report of that period.
What steps should I take if I am unable to see or access voucher/bill details from previous financial years?
If you are unable to see or access voucher/bill details from previous financial years in BUSY, you can try the following steps:
1. Check the financial year settings: Make sure you are viewing the correct financial year in the software.
2. Adjust the financial year: If the voucher/bill details are not appearing in the desired financial year, you may need to adjust the financial year settings or change the previous year's financial year.
3. Verify data entry: Double-check if the voucher/bill details were entered correctly in the previous financial year. Ensure that all necessary information is accurately recorded.
4. Restore from backup: If you have a backup of the data from the previous financial year, you can restore it to retrieve the voucher/bill details.
5. Seek technical support: If the issue persists, it is recommended to reach out to BUSY's customer support for further assistance in troubleshooting and resolving the problem.
Is there any option to modify pending orders which has been carry forwarded from the last year?
If the last year and current year is combined in your company then you can not modify the pending orders which are carry forwarded from the last year.
If you want to do that then you need to split the current year by using these steps:
Step 1: Open BUSY then click on Split Financial Year option.
Step 2: Select the company of which financial year you want to split and enter Super or Admin login credentials If required.
Step 3: Click on the current financial year and if you want to delete that financial year from the source company then tick on below option.Click on the Split button.
Step 4: After splitting the financial year, open the splitted company then go to Administration menu.
Step 5: Select the Miscellaneous Data Entry and click on Opening Information option
Step 6: Choose pending sales or purchase orders,mention the party and item name for which you want to do the modification as per the requirements.
Why does my payment for a current vendor show in the last year instead of the current one?
It is possible that the payment entry was recorded in the last financial year so that it is showing in last year instead of current year. To resolve this follow these steps:
Step 1: Open your company then go to the Administration menu.
Step 2: Select the last option of Change Financial Year then select the last year. You can also press F11 to switch to last year.
Step 3: Press ALT+L then enter the vendor name and open that account ledger.
Step 4: Identify that payment entry and press F8 to delete it.
Step 5: Now, go to Administration menu then click on Change Financial Year.
Step 6: Then choose the next financial year to change.
Step 7: Select Yes on carry balances window and can choose the New and Changed Masters option.
Step 8: Click on Start button and check after complete the process.
Step 9: After switching to current year add the payment voucher with correct date from Transactions menu.
Why are some items opening stock appearing in my current year? How do I remove or hide them?
It is possible that the opening stock of those items was carried forward from the previous year.To remove the Item opening stock then you need to split the financial year of can make the closing stock balance zero in the last year. Please follow the below steps to make the opening balance zero in the current financial year.
Step 1: Close BUSY company
Step 2: Go to company menu and take backup of data from backup data option
Step 3: Now go to split financial year, select company want to split
Step 4: Mention super user name and password click ok
Step 5: Split the financial year
Step 6: Now splited company will show seperately in company menu
Step 7: Click on Administration and submenu masters
Step 8: Then Item option and In modify, Select the item whose opening value you want to change it
Step 9: Then put the cursor in the opening stock value option then make it zero and save it.
