Frequently Asked
Questions
Find Solutions to Common Issues Related to configurations - voucher entry accounting
What is the correct method to record non-invoiced BB transactions like advance receipts in GSTR-?
Sure, here's a simplified step-by-step guide to recording advance receipts for non-invoiced B2B transactions in your GSTR-1:
Step 1: Enable Advance Receipt Tax
In your accounting software, find the Administration section.
Inside Administration, look for Configuration and then Features/Options.
Within the Features/Options, you should find an option related to...
How do I generate an RCM invoice number in BUSY?.
To generate an RCM (Reverse Charge Mechanism) invoice number in BUSY, you can follow these step-by-step instructions:
Step 1: Ensure you have an RCM expense that you want to record using a Journal entry and a payment entry.
Step 2: Go to the GST Misc. Utilities within BUSY.
Step 3: Within GST Misc. Utilities, select Check/Post Consolidated RCM Payable.
Step 4: You will be presented with the options for Monthly Basis and Daily Basis. Choose the one that suits your requirements.
Step 5: Select the appropriate month for which you want to record the RCM payable.
Step 6: The RCM Payable Monthly Basis window will open. Press the F4 key and continue with the default account masters. Click on the Save button, and it will ask if you want to create a consolidated RCM payable voucher. Click Yes to proceed.
Step 7: Within the reverse charge liability window, look for the option to Generate RCM Invoice Number. Click on this option, and the invoice number will be generated automatically.
Step 8: Save this voucher to complete the process of generating an RCM invoice number in BUSY.
By following these steps, you can successfully generate an RCM invoice number in BUSY.
How do I record a payment from a customer in BUSY?.
To record a payment from a customer in BUSY, you can create a receipt voucher.
Step 1: Go to Transactions Menu click on Receipt voucher.
Step 2: Under Receipt voucher click on add.
Step 3: Select voucher series name, date, voucher no. and type of payment Regular or PDC. if PDC select PDC date.
Step 4: Select GST Nature: Choose the appropriate GST Nature.
Step 5: Customer Details: Select the customer account who is making the payment and enter the credit amount.
Step 6: A popup window for Bill-by-Bill Adjustment will appear.
Step 7: In the Method option, choose between adjusting an existing bill reference or selecting New Ref if no bill reference exists.
Step 8: Enter other necessary details, such as the Amount Due Date and Narration.
Step 9: Click "OK" and provide information about the payment instrument, including the Instrument Type (e.g., RTGS, NEFT, CHQ), Instrument Number, and any short narration.
Step 10: Select Debit Account: Choose whether the payment should be debited from a Bank or Cash Account.
Step 11: Finally, click on the Save button to record the payment.
How do I properly set up and configure taxes in BUSY?
To properly set up and configure taxes in BUSY, you need to follow these steps:
1. Go to the "Masters" menu and select "Tax Categories" or "Tax Rates" depending on your requirement.
2. Create a new tax category or tax rate by clicking on the "Add" button.
3. Enter the necessary details such as tax name, tax rate, and select the appropriate tax type (e.g., GST, VAT).
4. Save the tax category or tax rate.
5. Assign the tax category or tax rate to the relevant items or services in your inventory or sales module.
6. Ensure that the tax settings are correctly applied to your invoices or transactions.
7. Test the tax calculations by creating sample invoices and verifying the tax amounts.
8. Make any necessary adjustments or corrections if the tax calculations are not accurate.
9. Regularly review and update your tax settings as per the applicable tax laws and regulations.
Please note that the specific steps may vary depending on the version and configuration of BUSY. It is recommended to refer to the software's user manual or contact BUSY support for detailed instructions tailored to your specific setup.
Investigating discrepancies in the final amount on vouchers in BUSY and resolving the issue.
Discrepancies in the final amount on vouchers in BUSY can occur due to various reasons, including data entry errors, calculation mistakes, or issues with settings. Investigating and resolving these discrepancies is important for maintaining accurate financial records. Here's a step-by-step guide to help you investigate and address such issues:
Step 1 : If you identify data entry errors, correct them in the voucher immediately. Make sure that all values are accurate.
Step 2 ; If the discrepancy is due to calculation errors, recalculate the voucher's total based on the correct numbers
Step 3 : If tax-related issues are causing discrepancies, adjust the tax settings to align with the applicable tax rules and rates.
Step 5 :In some cases, it may be necessary to use journal entries to make corrections or adjustments to the voucher.
Step 6 : Clearly document any corrections or adjustments made to the voucher. This helps maintain a clear audit trail.
Step 7 :Reconcile the voucher with supporting documents and verify that the final amount now matches the expected amount.
Step 8 : Regularly back up your data to prevent data loss during corrections and to maintain data security.
How do I record payments made to vendors and payments received from clients?
:-There are two methods in which the payment details can be entered. The two methods are:
* Double entry system
* Single entry system
If in the voucher is Double entry system kindly follow below steps:
Go to transaction memu, Select Payment voucher.
* Enter voucher series, voucher date, voucher no., GST nature (not applicable).
* Debit the vendor a/c enter the name of vendor and the payment amount.
* Credit the payment a/c enter the cash or bank account.
For Receipt Go transaction memu, Receipt voucher.
* Enter voucher series, voucher date, voucher no., GST nature (not applicable).
* Credit the Clients a/c enter the name of Clients and the received amount .
* Debit the received a/c enter the cash or bank account.
If in the voucher is Single entry system kindly follow below steps:
Go to transaction memu, Select Payment or receipt voucher.
* Enter voucher series, voucher date, voucher no., GST nature (not applicable).
* In Payment or Receipt mode enter Cash or Bank account.
* Enter the Vender name or client name ,and In amount enter amount.
What is the meaning of GST and RCM on receipts and how do I book the entries in BUSY?.
GST stands for Goods and Services Tax, which is a tax levied on the supply of goods and services. RCM stands for Reverse Charge Mechanism, which is a mechanism where the recipient of goods or services is liable to pay the tax instead of the supplier. In BUSY, to book the entries for receipts with GST and for RCM, you need to create a new account for RCM expenses and do entry through the Journal voucher and Purchase voucher with RCM.
Step 1: Go to Transactions Menu and click on Receipt voucher.
Step 2: Click on Add and select the voucher series name, voucher date, and voucher number. Also, specify the voucher type.
Step 3: click on GST nature and select Advance Receipt option.
Step 4: Select credit as party account and Debit as bank account.
Step 5: click on Save. after click on save will get popup window of Allocation of advance with GST
Step 6: Enter Ref. No. Advance Amount and Tax rate %.
Step 7: Click on Save to complete the entry.
How can I identify and rectify an incorrect credit note entry showing a higher amount than the original purchase?
To identify and rectify an incorrect credit note entry showing a higher amount than the original purchase, you can follow these steps in BUSY:
Step 1. Go to the Purchase Voucher Entry screen.
Step 2. Locate the credit note entry that needs to be corrected.
Step 3. Check the details of the credit note, including the date, party name, and taxable value.
Step 4. Compare the amount of the credit note with the original purchase invoice amount.
Step 5. If the credit note amount is higher than the original purchase amount, you will need to make an adjustment.
Step 6. Create a new debit note entry to adjust the excess amount.
Step 7. Enter the necessary details in the debit note, such as the date, party name, and the excess amount.
Step 8. Save the debit note entry.
Step 9. The debit note will now offset the excess amount in the credit note, correcting the discrepancy.
Step 10. Verify the updated amounts in the purchase entry and ensure they match the original purchase invoice.
Step 11. Save the corrected credit note entry.
I unable to generate a debit note for my transaction in BUSY?what should i do?
You can enter a Debit not In BUSY Accounitng Software you can follow these steps:
Step 1:Go to the Administration Menu,
Step 2:Here you can see all the transactions to enter,If you have a debit note with items, you can click on Purchase Return and enter the voucher along with the details.And if you have a debit note without items, you will need to enter it as a Debit Note W/O Item.
Step 3:If you want enter a Dr.not W/o item, click on it,then click Add after voucher will open to enter,
Step 4:Select the nature of GST from the list depending upon the transaction you are entering for,In the list following three options appear:
·Dr. Note Issued against Sale,Select this option when you are issuing Dr. Note to a party against Sale made.
·Cr. Note Received against Purchase,Select this option when you are receiving Cr. Note from a party against Purchase made.
·Not Applicable,Select this option when GST is not applicable on the transaction you are entering.
pass journal entry and mention all the details and save the voucher.
How to set the automatic voucher numbering for the sales voucher?
To set the automatic voucher numbering in the sales voucher then follow the below Steps.
Step 1: Click on Administration
Step 2: Then Configuration
Step 3: Then Voucher Series Configuration
Step 4: Select Voucher type Sales Quotation then Series
Step 5: Then Voucher Numbering
Step 6: Select Voucher Numbering Type - Automatic
Step 7: Renumbering Frequnecy as per need either Daily, Monthly or Yearly.
Step 8: Embed Year in Voucher Number - As Prefix : If want to add something before voucher no.
As Suffix : If want to add something After voucher no.
Step 9: During Voucher Entry, It will reflect accordingly.
Note : Voucher Number should not be more than 16 characters and can use - and / Only.
