Frequently Asked
Questions
Find Solutions to Common Issues Related to configurations - voucher entry accounting
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.
I need help understanding how to do accounting entries for assets purchased in prior years. Who can help me with this?
For assistance with record entries of puchased assets in BUSY, you can contact us on our 24X7 helpline number: 8282828282 or 011 40964096. You can also email us your query at support@busy.in.
Furthter, follow these steps to record that entry.
Step 1: Open your company then go to Transaction menu.
Step 2: Select Journal Voucher and click on Add.
Step 3: Enter all the necessary details such as Date, Vch Number, etc.
Step 4: If want to claim ITC (Input Tax Credit) then select GST Nature as Registered Expense B2B otherwise Not Applicable.
Step 5: Next, pass the entry with relevant amount and save the transaction.
How can I change the rate of an item from GST 12% to GST 18% which is applicable from particular date?
To change the rate of an item from GST 12% to GST 18% Then do the below process after the data backup.
Step 1: Click on Administration
Step 2: Then Masters
Step 3: Then Tax Category
Step 4: Then Modify
Step 5: Then select the category of GST 12%
Step 6: Then in Change tax rate window, you have to mention the date from which the GST 18% is applicable. After that mention the tax rate of GST 18%.
Note : If the tax rate have been changed for the some items then you need to create the new tax category and select it in item master.
Some of my tax charges are lower than they should be, what could cause this?
The tax charges may be lower than they should be due to some various reason
1 It could be possible you have mentioned wrong tax category in item master or the condition
you have applied for change tax rate in voucher is not proper modify the item tax category
if there is any discrepencies
2 It could be possible that you have mentioned wrong tax in voucher manually so modify
the tax applied in voucher
3 It could be possible in sale type or purchase type you have tagged wrong tax percent so
check and modify to resolve the issue
What is the process to record rent income and payment in BUSY
If you want to record a transaction for rent income received in BUSY, you can follow these steps:
Step 1: Go to Transactions menu and select Receipt / Journal.
Step 2: Click on Add and enter the all necessary details such as Date, Vch No, Rent Account, Amount, etc and save the transaction.
If you want to record a transaction for rent payment in BUSY, you can follow these steps:
Step 1: Go to Transactions menu and select Payment / Journal.
Step 2: Click on Add and enter the all necessary details such as Date, Vch No, Rent Account, Amount, etc and save the transaction.
How can I pass the payment entry in single entry system?
To pass the payment entry in single entry system then need to follow the below steps. If you have done the transaction in double entry then will not able to pass it in single entry system.
Pls follow the below steps.
Step 1: Click on Administration and then Configurations
Step 2: Then Features and Options and Accounts
Step 3: Tick the option of single entry system for payment and receipt voucher and save it.
Step 4: Go to the transaction menu and sub menu payment
Step 5: Click on Add, Here mention the payment mode as cash or bank account and party account then save it.
