Frequently Asked Questions

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.

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 . 

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.

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.

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.

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.

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.

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

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.

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.