Frequently Asked
Questions
Find Solutions to Common Issues Related to configurations - voucher entry accounting
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.
What should I do if I mistakenly enter an item in a voucher and have already used it in other vouchers as well?
If I mistakenly enter an item in a voucher and have already used it in other vouchers as well,to using F9 key delete items from a bill of sale with multiple items and different tax rates in BUSY , please follow below steps:
Step 1: Go to transation menu.
Step 2: Select particular vaoucher types like sale or Purchase.
Step 3: Click on sale/ Purchase.
Step 4: select Modify option.
Step 5: entrer Voucher No and Date.
Step 6: select the field which you want delete or remove
Step 7: Then press F9 key and hide the row .
Step 8: And save the changes.
I am unable to calculate interest on capital for partners in BUSY. How can I do this manually?
If you want to maintain Interest on Capital in BUSY, you have to do it manually by passing a journal entry. Here are the steps to do it:
Step 1: Go to Administration, then click on Master and select the Account Add option.
Step 2: Create a master of Interest on Capital and define the Group as Indirect Expense.
Step 3: Then go to the Transaction menu and click on Journal, then Add. After defining voucher header details, pass a journal entry in which you debit the Interest on Capital account and credit the Capital account.
In the final report, it will show the impact accordingly.
Is there a way to pass payment entries on previous year date without change financial year?
No, you cannot pass payment entries in previous year without change financial year to previous year. Further, you need to switch financial year by follow the below steps:
Step 1: Go to administration section then click on change financial yeat.
Step 2: Choose the previous year then click on yes to switch the financial year.
Step 3: After switch, Go to transaction section then click on payment voucher and select add tab.
Step 4: Now, Specify the voucher number, series, date, gst nature in header part of invoice then post the accounting entry for payment.
Step 5: After post the accounting entry, you can save the voucher.
What is the right way to book hotel expenses where the ITC is not eligible?
To book hotel expenses where ITC not eligible then follow the given steps :
Step 1: Go to Transaction menu
Step 2: Click on Voucher option
Step 3: Then click on Journal voucher
Step 4: Then click on ADD button
Step 5: Then create voucher and select Registered Expense (B2B) in the field of Gst nature
Step 6: Then after specify entry, click on Save button
Step 7: Then Registered expense window will appear
Step 8: here you are specify ITC eligibility as per your business or entry
Step 9: Then save the voucher
What is the correct accounting entry for expense adjustments in relation to ITC in BUSY?
The correct accounting entry for expense adjustments in relation to ITC in BUSY depends on the type of adjustment and the nature of the expense. However, a general format of the entry is as follows:
1. Debit the Expense Account: Debit the account that represents the expense incurred or paid for.
2. Debit the Input GST Credit Account: Debit the account that captures the Input Tax Credit (ITC) availed on the expense.
3. Credit the Cash/Bank Account: Credit the account that represents the payment made for the expense.
You may need to consult an accountant or a CA for further guidance.
I want to generate a rental invoice but not showing display ?
To generate a rental invoice in BUSY you should follow the steps
Step1 go to transaction menu and click on sale then click to add
Step2 Fill the voucher series voucher date voucher number and sale type
then select the party name
Step3 on item selection option press Fn and F3 to create a new item master
Step4 create the item name as rental expense and make unit as NA
fill its sac code and tax rate must under service percentage
Step5 then fill the item amount and apply tax
Step6 save the voucher
How will credit/debit notes impact taxes like GST in BUSY?
Credit notes and debit notes have an impact on the taxes like GST in BUSY. They affect the tax liability of the supplier and the input tax credit of the recipient.
When a supplier issues a Credit note to a recipient, it reduces the tax liability of the supplier and the input tax credit(ITC) of the recipient.
When a supplier issues a Debit note to a recipient, it increases the tax liability of the supplier and the input tax credit(ITC) of the recipient.
In BUSY, you can create and manage credit notes and debit notes for your sales and purchase transactions with GST compliance.
Enter credit memo in BUSY. How?
To enter a credit memo in BUSY, follow these steps:
Step 1 : Open BUSY
Step 2 : CLick on transactions
Step 3 :Click on "Credit Note" or "Debit Note" option, depending on the type of credit memo you want to enter.
Step 4 : Fill in the necessary details such as the customer's name, invoice number, date, and reason for the credit memo.
Step 5 : Enter the amount of the credit memo and select the appropriate accounts for debit and credit.
Step 6 : Save the credit memo entry and it will be recorded in the system.
I want to claim input tax credit for GST paid on business expenses. How can I do this correctly in the accounting software in BUSY?
To record the GST expense entry for claiming the input tax credit then follow the below steps.
Step 1: In the expense account, you have to select the GST Type as GST Applicable then mention the tax category and ITC eligibility.
Step 2: Click on Transactions
Step 3: Then Payment or Journal
Step 4: Then Add
Step 5: Select the GST Nature as Registered expense B2B
Step 6: 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.
