If I carry forward the balance in the current year, will it be shown as zero in the next years opening balance?
No, carrying forward the balance in the current year will show as last year closing in the next year's opening balance in BUSY
Frequently Asked Questions
Solutions to common issues related to Configurations — Change Fy.
Support
Step-by-step Answers
Will my entries and group heads be carried forward if I do it with all masters to next financial year?
The entries will never get carry forward to the next year but only the masters opening balances get forward in the next year.
What is the procedure to open a new financial year in BUSY?
To add new financial year go to
Step 1 : Click on administration
Step 2 : Change fin year
Step 3 : Create new fin year
Can I make entries in the company before 1/4 2023?
If you have previous financila year in the same company then you can post entry before you current financila year beginning date .
What do I do after passing my NP in BUSY?.
After passing NP (Net Profit) in BUSY you need to finalised balance sheet and then carry forward data to the next financial year
What is the recommended course of action if there are multiple open clients when making financial year changes in the BUSY software?
It is recommended to work on server system at a time when making financial year changes in BUSY to avoid any errors.
I'm trying to close my books at the end of the month but it's not working. What am I doing wrong?
You cannot close your books on month end. As per rule, the books will end at the end of every financial year.
Is there a carry forward balance option in BUSY from last year to current financial year?
Yes, when you change financial year from the Administration menu, you can carry forward the master's balances to the next financial year.
Is it necessary to keep the current financial year file in BUSY?
In BUSY, you have the flexibility to choose which year's data you want to retain. It is purely depend on your requirement.
Why is the change financial year process taking so long to complete?
The time taken for changing financial year process is depend on the data size and number of masters exist in the database.
Trusted by Industry Leaders
Ready to scale your
business?
Join 6,00,000+ growing businesses who trust Busy for their financial management. Experience the power of professional accounting in the palm of your hand.
Start Free Trial
No Credit Card Required