Frequently Asked
Questions
Find Solutions to Common Issues Related to configurations - change fy
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.
When changing the financial year, why does the software prompt to carry forward balances?
When changing the financial year in accounting software, the prompt to carry forward balances is a crucial step to update the previous balances to next year. If you have made some changes to the previous year then click on yes to carry balances to next year.
I am still getting an error when trying to carry forward in BUSY after taking backup and doing new and change master What should I do
If you are getting an error when trying to carry forward in BUSY after taking a backup and doing new and change master, it is recommended to contact BUSY customer support for assistance. They will be able to help you troubleshoot and resolve the issue.
I want to carry forward pending entries and balances to the new financial year. What is the process to do this in BUSY?
To carry forward balances to next financial year, follow the below steps:
Step 1: Go to administation then select change financial year option
Step 2: then select the financial year and prompt will show for do yo want to carry forward balance select yes
Can I enter the opening and closing for the same financial year?
In BUSY, you can enter opening balance of master in beginning financial year only. If the previous financial exist within the company then the closing balance of previous year wiill display as opening. Further, closing balance will be update as per transaction during the year.
What is the process to close the financial year in BUSY?
To close the financial year in BUSY, you need to follow the year closing process :
Step 1 : This involves reconciling and finalizing the yearly data.
Step 2 : Make sure to review and reconcile all transactions, balances, and reports before finalizing the year.
Can I manually enter the opening and closing balances?
In BUSY, you can enter opening balance of master in beginning financial year only. If the previous financial exist within the company then the closing balance of previous year wiill display as opening. Further, closing balance will be update as per transaction during the year.