Frequently Asked
Questions
Find Solutions to Common Issues Related to configurations - change fy
What will happen if i do not carry forward balance to next year during change financial year?
If you do not carry forward balance during change financial year in BUSY then the updated balance of previous year will not carry forward to next year and opening balance will not update correctly.
How do I carry forward balances from the previous year to the current year in BUSY
When we change the financial year first time. Pls Follow the Below Steps :
Step 1: Administration
Step 2: Change Financial Year
Step 3: Click on Start
Note :- Do this process after Data Backup.
What happens if revenue accounts not carrying forward to the next financial year in BUSY?
As per the accounting rules the revenue accounts do not carry forward to the next financial year as they are part of profit and loss account and set off in the last financial year.
How can I switch from one financial year to another financial year in BUSY?
If you want to switch from one financial year to another financial year press shortcut key F11
Or go to administration menu and from change financial year option you can change your financial year
is it possible to carry forward the balance of multiple previous financial year together or do i have to carry forward one by one?
No, it is not possible to carry forward balance of multiple previous financial year in single command. Further, you need to carry forward balance from previous year to next year one by one.
How long does it take to carry forward balances if there are a large number of bulk entries?
Change financial year process with carry forward balance option will take time as per the data size. Further, Once you start the change financial year process, it is recommended to complete the process.
How should I proceed if I have multiple parties with different balances in the previous year?
If you have multiple parties with different balances in the previous year then you can proceed for creating new financial year and all the closing balance of parties will update as opening balance.
Why is the software suggesting to start new financial year from 1st April 2023?
The software is suggesting to start new financial year from 2023 because the current financial year has been set from April 2022. Therefore the new financial year is satrting from 1st april 2023.
Is there any way to speed up the process of carrying forward balances?
Change financial year process with carry forward balance option will take time as per the data size. Further, Once you start the change financial year process, it is recommended to complete the process.
How is the opening balance calculated in BUSY from year to year?
The opening balance in BUSY is carryforward from the previous year, it means your closing balance at the end of previous financial year will be treated as opening balance of new financial year