Frequently Asked
Questions
Find Solutions to Common Issues Related to configurations - change fy
How do I carry over data/balances from one financial year to the next in BUSY?
To carry over data/balances from one financial year to the next in BUSY, you can use the "Change Financial Year" option in the Administration menu. This will allow you to transfer the closing balances of the previous year to the opening balances of the new year automatically.
Should I select All Masters or New and Change option when carrying forward the balance?
When you change financial year and carry forward the balances then you can select New and Changed Masters for the changes you have made in the previous year. If the changes are not update in the next financial year then you should select the All Masters option.
What could be the reason for the error in carry forward in BUSY
The error in carry forward in BUSY could be due to various reasons such as incorrect data entry, software bugs, compatibility issues, or system errors. It is recommended to check the data entered, update the software to the latest version, and contact technical support for further assistance.
How do I change the financial year in BUSY?
To change the financial year in BUSY, follow these steps:
Step 1: Go to administration section then click on change financial year.
Step 2: Select the required financial year then select yes to change financial year option.
Note- In BUSY, you can switch financial year by pressing F11 shortcut key.
What does it mean if I do not tick the option to delete the above financial year while spliting the financial years?
When you split a financial year from a company and did not tick on the after spliting delete above financial year from source company then a seperate company will be created of splited financial year and the same financial year also remains in the source company.
How can I adjust prior years' accounts in BUSY after splitting my company this year? The profit and loss is showing differences.
If you have splitted the company but showing difference in the profit and loss account then you need to check the last year trial closing balance with the current year opening trial balance. Manually correct the account balance in the party master to correct the differences.
What is the carry bank feature in BUSY and how does it work for carrying balances between fiscal years?
The carry bank feature in BUSY allows users to carry forward their bank balances from one fiscal year to the next. This feature can be accessed during the change financial year process and helps to ensure that opening balances are accurate for the new fiscal year.
What should I do if there is a mismatch in the balances after carrying forward to the current year?
To resolve this issue of mismatch of balances between last year and current year, you need to run Update Master Balances from the housekeeping menu in last year then change financial year again from the Administration menu.
Note: Take backup of your data before running this process.
What is the correct entry I should make for my opening GST balance on April ?
To correctly enter your opening GST balance on April 1, you need to post the amount to "duties and taxes owed" instead of current assets. This will ensure that the closing balance of the previous year is reflected as the opening balance of the current year.
How can I switch back to the current year after switching to the previous financial year?
To switch financial year withinin company, follow these steps:
Step 1: Go to administration section then click on change financial year.
Step 2: Select the required financial year then select yes to change financial year option.
Note- In BUSY, you can switch financial year by pressing F11 shortcut key.