Frequently Asked Questions

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.

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.

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.

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.

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.

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.

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.

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.

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.

Yes, you can split the financial year data to update the opening balance of item and account master. As you cannot change the opening balance in merged financial year data.