Frequently Asked
Questions
Find Solutions to Common Issues Related to configurations - change fy
How will the closing balance of an account in the next financial year be shown in the new account?
When you create new financial year the closing balance of an account will be the opening balance in the next financial of that account not in the new account.
Do I need to split my company to update the opening balance of 23-24? Is there any other way?
Yes, you need to split your company to update the opening balance of 23-24 if you have multiple financial year and 2023-24 is no the beginning financial year .
Why does the process of carrying forward balances take 4-5 hours sometimes?
The process of carrying forward balances in BUSY Accounting software can take long time, sometimes due to the large amount of data that needs to be processed and transferred.
Why are the expense amount not carried forward to the next financial Year?
The expense amount is not carried forward to the next financial year because this is revenue accounts, whose balance is to be adjusted in profit and loss accounts.
speed issue in chage Financial Year
Changes Financial Year: Complate data transfer process
and it's a time-consuming process if you only switch next.
then use the F11 key; the Financial Year will switch in that case.
I need to open every financial year of my company. Can you guide me on how to do that?
If you have multi user license of BUSY then you can open multiple instance of BUSY and open the same company with different financial year as you required.
What is the process to relfect previous years changes to next financial year ?
To reflect changes of previous year to next financial year. Run update master balances in last year then change financial year with carrying forward new and changed masters.
I finalized last year's accounts. How can I update a transaction without impacting the finalized balances?
You cannot update the transaction without impacting the finalized balances but if you want you can forward the balance of it in some other account if required
Can you guide me on how to access the previous financial years data through function keys?
To access the previous data in a company, you just switch the financial year by using the F11 function key and choose the previous year to switch.
Where do I find the option to carry forward balances with new and changed entries?
In BUSY, the option to carry forward balances with new and changed masters can be found under the administration menu then click on change financial year option.