Frequently Asked
Questions
Find Solutions to Common Issues Related to configurations - change fy
Can I split financial years in BUSY to update opening balances in item and account master.?
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.
I transferred last years profits to capital but the carry forward amount did not become zero.Why?
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.
Can I work on other tasks in the software while the data is being carried forward?
In BUSY, you cannot perform other task in same company while carry forward all master balance to next year. Further, you can run another company in other tab of BUSY.
How can I transfer only the selected masters and ledgers to the next financial year?
In BUSY, you can not carry selected master and ledger to next year. You can either carry all master or masters whose closing balance exists or moved/closing balance master only.
Why is my GST balance from the previous year carrying forward to my current books?
The GST balance from the previous year is carrying forward to your current books because it was not properly adjusted or cleared before closing the books for the previous year.
I am splitting the financial year but it is showing that you dont have rights?
To split the financial year then you need to mention the admin username and password of the company. As the sub user have no rights to split the financial year.
Where can I find the option to change the financial year in the software?
You can find the change financial year option under the administration menu.after that you need to select the required financial which you want to change ita and click on start.
I am unable to see the profit and loss statements for my company after splitting it. What should I do to view them correctly in BUSY?
You can view the profit and loss account from the below steps.
Step 1: Click on Display
Step 2: Then Final results
Step 3: Then profit and loss account
How can I ensure that the split data is updated simultaneously on both the main server and client server in BUSY Accounting Software?
When you split financial year of a company on main server, it will update simultaneously on the client system. You just need to reopen the BUSY on client sytem.
Do I need to enter opening and closing balances manually for each financial year or will they be added automatically?
Your closing balance will be your opening balance in current year if you change your Financial year with
balance then closing balance will be updated as opening balance automatically.