Frequently Asked
Questions
Find Solutions to Common Issues Related to configurations - voucher entry accounting
Should I use C or D for a specific transaction, such as Receipt, Payment and Journal etc? How do I determine which one is correct?
Yes, you should use C and D in transactions such as receipts, payments, and journals, as it is mandatory to input them. This determination is based on the nature of the accounts used in the transaction, and it operates in the Double Entry System, which records transactions affecting two or more accounts. For every transaction, there are at least two accounts involved: one account is debited, and another account is credited. Follow these three golden rules when performing such transactions:
1. Debit what comes in, Credit what goes out.
2. Debit all expenses and losses, Credit all incomes and gains.
3. Debit the receiver, Credit the giver.
I mistakenly entered the insurance expense voucher without applying GST. How can I rectify this and include the GST amount?
To update Gst in insurance voucher kindly follow below steps:
Step 1: Click on Transaction Menu and then select Journal voucher.
Step 2: Click on Modify & Select the vouche Series & then specify the voucher no which we want to modify
Step 3: In GST Nature Field select register expense B2B from dropdown
Step 4: Debit the Insurance Charge Taxable Amount
Step 5: Debit the Tax Amount input tax as applicable
Step 6: Credit the Insurance Service Provider
Step 7: Click on Save or Press F2
Step 8: While saving we will get option to update GST details, HSN No, Party Details.
I am trying to record a payment but unable to save the voucher. What could be the issue?
You may encounter some difficulties in saving the payment voucher in BUSY. This could happen for various reasons, such as:
1. The debit and credit amounts are not equal, which violates the accounting principle of double-entry bookkeeping.
2. The payment mode is cash, but the warning set of negative cash is don’t allow, which prevents you from saving the voucher if your cash balance is insufficient.
3. The bill reference is not adjusted fully, which means that there is a mismatch between the payment amount and the bill reference amount.
Depending on the error message that appears, there may be other reasons as well.
What is the right process to record expenses from a vendor who files GST quarterly returns?
Here are the steps for entering expense invoice :
Step 1: Go to Transaction menu
Step 2: Click on journal voucher
Step 3: Then click on ADD button
Step 4: Then create invoice and select gst nature as Registered Expense (B2B)
Step 5: Then specify expense in the debit side and party and tax in credit side
Step 6: Then while saving invoice registered expense window will appear
Step 7: Then mention correct details of party and original invoice
Step 8: Then click on Ok button
Step 9: Then click on save button to create invoice
What is the process to show the GST expense in the journal voucher?
To record the GST expense entry through journal voucher then follow the below steps.
Step 1: Click on Administration and Then Masters
Step 2: Then Modify and Select the expense account, Here you have to choose the GST Type as GST Applicable from the dropdown then mention the tax category and ITC eligibility.
Step 3: Click on Transactions and Then Journal
Step 4: Then Add and Select the GST Nature as Registered expense B2B
Step 5: DEBIT the expense account, GST input account and CREDIT the cash or party account and when you save the voucher then window will popup where shows mention the details and save it.
What is the correct way to enter fixed asset acquisition entries in BUSY
For enterng fixed asset acquisition entries in BUSY first create fixed assets ledger, or master. Please follow below mention steps for asset creation:-
Step 1:- Administration Tab
Step 2:- Masters
Step 3:- Account
Step 4:- Add, enter name of fixed asset in group master select fixed asset. A window appears enter depreciation rate of asset then save details of asset.
After creation on asset in BUSY 2 ways to do entry of fixed asset acquisition through Purchase voucher, Or through Journal voucher. Debiit fixed asset against of vendor from whom asset is purchased with respective amounts.
Recommendation:- We recommend you for accounting entries please concern with your CA, or accountant.
How can we do the billing and print invoices in BUSY?
In BUSY, We can create Dual Voucher, Accounting Voucher and Pure Inventory Voucher.
Dual Voucher : Here Accounting and Inventory both get hit. Vouchers which are Sales, Purchase, Sales Return and Purchase Return.
Accounting Voucher : It refers to where only Accounting get hit. Vouchers which are Payment, Receipt, Journal,Contra, Debit and Credit note without Items.
Pure Inventory Voucher : It refers to where Only Inventory get hit. Vouchers which Matrial issue to party, Material Receive from Party, Stock Journal, Stock Transfer, Production and Unassemble.
For printing, When we save voucher then can print it or export it as per our requirement.
The tax amounts are not calculating properly on some bills that include freight charges. What should I check to resolve this?
If the tax amounts are not calculating properly on some bills that include freight charges then
you should follow the steps
Step1 Go to transaction menu Click on sales and modify then search the invoice
Step2 open the invoice and ensure that freight charges bill sundry is applied before tax and in bill
sundry master its selected Taxable amount
Step3 if freight charges applied in voucher as item master then open item master in modify mode
and check its tax catery given properly if not then modify it and save then in voucher apply tax and save voucher
When I try to make a sale from my Delhi branch for a Chennai-based customer in BUSY, I get an error about interstate sales. What does this mean and how can I process the sale?
Here are some steps you can take to process an interstate sale in BUSY and address the error:
Step 1: Ensure that both your Delhi branch and the Chennai-based customer are registered under GST.
Step 2 : When creating the sales voucher in BUSY, make sure to select the correct GST rate for interstate sales.
Step 3: Ensure that you generate the E-way Bill for the goods being transported from your Delhi branch to the Chennai-based customer.
Step 4: In the sales voucher, specify the correct place of supply.
Step 5: Double-check that the state codes for Delhi and Chennai are accurately entered in the system.
I am trying to add reverse charge in my sales invoice but am unable to do so. How can I add reverse charge to a sales invoice in BUSY?
To enter reverse charge in sale invoice we need follow below steps:
1. Click on transaction menu & select sales voucher
2. Click on add & enter voucher series and voucher number.
3. Select sales type and create new sale type by F3 command.
4. Took taxation type as reverse charge & select region as local then press save command by F2.
5. Enter item details with quantity and amount.
6. Press F2 for save voucher.
7. Go to display menu > GST report>GSTR1 return>select date range>Check that voucher shows in reverse chagre section.
