Frequently Asked Questions

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.

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.

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.

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.

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.

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.

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.

To carry forward the pending ITC entries from the last year then follow the below steps.
Step 1: Take the backup of your data.
Step 2: Then Click on Administration and submenu change financial year
Step 3: Then select the option carry pending ITC entries to the next year and click on Start.

The inability to balance carry forward amounts in BUSY may be due to :
Step 1 : incorrect entries or mismatched data. 
Step 2 : It is important to ensure that all transactions and balances are accurately recorded before attempting to carry them forward.
Step 3 : user rights issue is there

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,