Frequently Asked
Questions
Find Solutions to Common Issues Related to configurations - change fy
I made some entries in the last month of the previous financial year but they are not showing now. How can I claim them in the current financial year in BUSY?
To claim ITC of pending entries from previous year follow the steps below:
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: Now select carry pending ITC to next financial year
I have filed my latest returns but the software is still showing the previous year's balance. Why is this happening and how can I remove the old balance?
The net tax amount from the prior year is showing in your current year's tax return summary because you have not paid that tax in last year. Ideally previous year's tax should be paid in last year only by passing entry and transferring the output tax into gst payable ledger.
The tax summary is showing last year's figures. I don't want past data in my current return. What should I do to remove it?
The net tax amount from the prior year is showing in your current year's tax return summary because you have not paid that tax in last year. Ideally previous year's tax should be paid in last year only by passing entry and transferring the output tax into gst payable ledger.
I want to change the financial year in the software, but I am unable to do so. How can I change the financial year?
To change the financial year then follow the below steps.
Step 1: Click on Administration
Step 2: Then Change financial year
Step 3: Select the financial year which you want to change it then that year will get open. Also can use F11 shortcut key to change the financial year.
Is it important to carry balances with All Masters for carrying forward changes from the previous year to the current year?
If you had made changes in last year then you can change financial year and carry balance with New and Changed Master only. The changes will be update in the current financial year. However if changes are still not updated then you need to carry balances with All Master also.
My old data seems to be merging with my new data in stock reports in BUSY. How can I avoid this?
To prevent merging of old and new data in BUSY, it is recommended to split the data by financial year and keep them separate. This will ensure that the data remains organized and easy to manage.And the data will be seperated and will not sync with new data in BUSY.
I got the message that opening balances are not equal. What does this mean and how do I fix it?
If you got the message that opening balances are not equal, to fix it, you need to follow the below reasons:
1. Switch to last year, and you need to carry forward data from last year to the current year.
2. Also check the last-year closing trail balance amount; it should match.
Why is the net tax amount from the prior year showing in my current year's tax return summary?
The net tax amount from the prior year is showing in your current year's tax return summary because you have not paid that tax in last year. Ideally previous year's tax should be paid in last year only by passing entry and transferring the output tax into gst payable ledger.
How do I keep a group balance separate so it carries forward year on year?
To keep a group balance separate and carry it forward year on year, you can split the data into separate years in BUSY. This will allow the opening balance of the new financial year to start from zero while still carrying forward the closing balance of the previous financial year.
I need to carry forward a balance from last year to this year. What is the process for that?
When you create a new financial year in BUSY, all the closing balance of masters will automatically carry forward to next financial year. However if not forwarded then need to go back in previous financial year and change financial year again with New & Change Master or All Master,