Frequently Asked
Questions
Find Solutions to Common Issues Related to configurations - change fy
Why are previous year's transactions showing in this year's balance sheet?
Previous year's transactions are showing in this year's balance sheet because the opening balance of the current year is carried forward from the previous year's closing balance as opening balance of masters.
RTE 5 after update 8.3 rel.?
if issue occurred after update release, Take Full backup and download full Setup of BUSY Latest Release.
Install same Latest Release on All System. Open BUSY go to company Menu and Reindex Databases.
What should I do if I need to update a product or add a new entry in an old financial year and dont want to switch to a new company?
You can use the split financial year option in BUSY Accounting software to update a product or add a new entry in an old financial year without switching to a new company.
Is it possible to transfer expense or income account balance from the previous financial year to the next?
No, it is not possible to carry forward expense and income closing balance to next year because these are revenue accounts, whose balance is to be adjust in profit and loss account.
Why is it taking a lot of time to transfer from the previous year to the current year?
When you create new financial year or change financial year with all masters it will take time on the basis of data size and number of masters exist in the database.
I am having trouble understanding the current period vs previous period functionality. Can you explain this?
The current period refers to the current financial year, while the previous period refers to the previous financial year. The functionality allows you to view and manage data from both periods.
Why the opening balance is showing the profit and loss account in current Financial year?
When the opening balance is showing in the profit and loss account that means you have not transferred the profit and loss balance in the capital account in the last year.
Is it necessary to split the financial year or not?
It depends on your specific needs and situation. Splitting the financial year can be useful in certain cases such as If you want to change the opening balance of the masters.
I need help setting up my financial year.
To create a new financial year in company you need to go to the administration menu then click on change financial year option and you can create new financial year
Why is there a discrepancy between profit amount and what BUSY is showing as the carry forward amount
In Last Year, Make Sure the Whole Profit is transfer to the Capital account by passing the journal entry.After that Change FInacial Year by carry forward Balances to Next Year.