Frequently Asked
Questions
Find Solutions to Common Issues Related to configurations - change fy
Why are opening balances affecting my accounts matching currently?
If there is any mismatch in account opening then it will affect the accounts accuracy. In such case you can update the opening balance as same as exist in previous year by following the steps:
Step 1: Take the latest backup of you data.
Step 2: Login company with admin user and switch the financial year to previous year.
Step 3: Go to administration section then click on master menu and select the modify option.
Step 4: Next, select the relevant account master whose closing not appear as opening and resave the account master
Step 5: Afterward, Go to administration then click on change fincial year option.
Step 6: Select the required financial year then a window will appear to carry balance , click on Yes.
Step 7: Now, Select New and change master for balance to be carried then click on Start button.
Note- In case of splited data or data have single finacial year, you need to specify the opening balance of account manually.
Why are indirect expenses from last year carrying forward into current year's books?
If the indirect expenses of last year is carryforwarding to current financial year please follow these steps to get this solved:
Step 1: Go to previous year then Go to administration menu
Step 2: Then click on masters and select account
Step 3: Open the indirect expense account master from modify or list button
Step 4: Check its group if wrong change it to indirect expense otherwise save it
Step 5: Then go to house-keeping menu and run regenerate master help files and update master balance but before running it make sure you have the latest backup of your data
Step 6: Then go to administration menu
Step 7: Afterwards click on change financial year option
Step 8: Then select current financial year and click on it
Step 9: Then it will show you a popup window for carryforward the balances
Step 10: Then Select it as yes and then run it with new and changed masters and click on start button
Step 11: After that your balance will properly reflect in current year
How do I properly close an accounting period and generate financial statements in BUSY?
Before you close an accounting period in BUSY, we suggest you follow these steps:
Step 1: Make sure you have record all the transactions.
Step 2: Reconcile your bank enteries by using the Bank Reconciliation feature.
Step 3: Post a depreciation voucher to calculate the actual value of your fixed assets.
Step 4: Pay off all your liabilities that are due in the current financial year.
Step 5: Review your balance sheet and profit & loss statements and correct any errors if found.
Step 6: Transfer your net profit or loss amount to the capital account.
Step 7: Review your inventory also and pass stock journal or physicall stock voucher if found any discrepencies.
To generate financial statements in BUSY, you can generate Balance Sheet and Profit & Loss by using these steps:
Step 1: Open your company, then, go to the Display menu.
Step 2: Click on Final Results and choose the Profit & Loss A/c or Balance sheet.
Step 3: Enter the date range. You will see a report of that period.
What steps should I take if I am unable to see or access voucher/bill details from previous financial years?
If you are unable to see or access voucher/bill details from previous financial years in BUSY, you can try the following steps:
1. Check the financial year settings: Make sure you are viewing the correct financial year in the software.
2. Adjust the financial year: If the voucher/bill details are not appearing in the desired financial year, you may need to adjust the financial year settings or change the previous year's financial year.
3. Verify data entry: Double-check if the voucher/bill details were entered correctly in the previous financial year. Ensure that all necessary information is accurately recorded.
4. Restore from backup: If you have a backup of the data from the previous financial year, you can restore it to retrieve the voucher/bill details.
5. Seek technical support: If the issue persists, it is recommended to reach out to BUSY's customer support for further assistance in troubleshooting and resolving the problem.
Is there any option to modify pending orders which has been carry forwarded from the last year?
If the last year and current year is combined in your company then you can not modify the pending orders which are carry forwarded from the last year.
If you want to do that then you need to split the current year by using these steps:
Step 1: Open BUSY then click on Split Financial Year option.
Step 2: Select the company of which financial year you want to split and enter Super or Admin login credentials If required.
Step 3: Click on the current financial year and if you want to delete that financial year from the source company then tick on below option.Click on the Split button.
Step 4: After splitting the financial year, open the splitted company then go to Administration menu.
Step 5: Select the Miscellaneous Data Entry and click on Opening Information option
Step 6: Choose pending sales or purchase orders,mention the party and item name for which you want to do the modification as per the requirements.
Why does my payment for a current vendor show in the last year instead of the current one?
It is possible that the payment entry was recorded in the last financial year so that it is showing in last year instead of current year. To resolve this follow these steps:
Step 1: Open your company then go to the Administration menu.
Step 2: Select the last option of Change Financial Year then select the last year. You can also press F11 to switch to last year.
Step 3: Press ALT+L then enter the vendor name and open that account ledger.
Step 4: Identify that payment entry and press F8 to delete it.
Step 5: Now, go to Administration menu then click on Change Financial Year.
Step 6: Then choose the next financial year to change.
Step 7: Select Yes on carry balances window and can choose the New and Changed Masters option.
Step 8: Click on Start button and check after complete the process.
Step 9: After switching to current year add the payment voucher with correct date from Transactions menu.
Why are some items opening stock appearing in my current year? How do I remove or hide them?
It is possible that the opening stock of those items was carried forward from the previous year.To remove the Item opening stock then you need to split the financial year of can make the closing stock balance zero in the last year. Please follow the below steps to make the opening balance zero in the current financial year.
Step 1: Close BUSY company
Step 2: Go to company menu and take backup of data from backup data option
Step 3: Now go to split financial year, select company want to split
Step 4: Mention super user name and password click ok
Step 5: Split the financial year
Step 6: Now splited company will show seperately in company menu
Step 7: Click on Administration and submenu masters
Step 8: Then Item option and In modify, Select the item whose opening value you want to change it
Step 9: Then put the cursor in the opening stock value option then make it zero and save it.
Is it possible to carry forward all balances to next financial year without carry forward the entire item balances?
Yes, it is possible to carry forward all balances to next financial year without carry forward the entire item balances.You need to follow these steps :
Step 1: Go to company menu and take backup of your data for which you want to change financial year from backup data option.
Step 2: Open your company in which you want to make change now go to administration menu then click on Create new financial year and click on OK button.
Step 3: A window will pop up in that window tick on checkbox of Do not carry item balances and then click on start button to create new financial year.
Step 4: And finishing the process you will get an pop-up of Financial year changes successfully and click on Ok button to auto switch in the new financial year.
Step 5: Now data will carry forward to next financial year without carrying forward item balances.
I am unable to see the opening stock for the current financial year. How can I update the opening stock balance?
If the opening stock for current financial year is not updating then follow the below steps:
1.If the previous financial year exist.
Step 1: Login company with superuser and switch the financial year to previous year through F11 shortcut key.
Step 2: Now, check the closing stock and then resave the stock account.
Step 3: Next, Go to administration then change financial year option.
Step 4: Select the target financial year then select yes to carry balance option, select new & changed master option and click on start.
Step 5: After completing the process, check the opening stock.
2.If the financial year is splited.
Step 1: Go to administration then click on master menu
Step 2: Choose the accounts tab then select the modify option.
Step 3: Access the stock account and update the opening balance.
The opening balances are getting carried forward to the new financial year. I want to start with a blank slate. How can I remove or reset opening balances?
Once you carry balances in next year Don’t have option to remove or reset opening balances. But in BUSY have two option to remove or reset opening balances.
Option 1 while creating new F.Y. in BUSY.
Step 1: Go to Administration Menu and click on Change F.Y. option
Step 2: Under Change F.Y. option click on New Year from 01-04-2024 or your desired date and year.
Step 3: On Create New Year window tick on Create New Year Only (Don’t Carry Balances)
Step 4: Click on Start to initiate the process.
Option 2. If you have already created a new F.Y and carried opening balances, you can still remove or blank them by splitting the year. once you Split F.Y. you can modify master account or item and update remove opening balances. If you want to remove or blank for list of master, you can do through Bulk Updations option.
