Frequently Asked
Questions
Find Solutions to Common Issues Related to configurations - voucher entry accounting
How do I record expenses and payments to vendors in BUSY? What is the process?
Recording purchase expenses and payments to vendors in BUSY involves a series of steps to ensure accurate financial tracking. Here's the process.
Recording Expenses:
Step 1: Transactions
Step 2: Purchase then "Add"
Step 3: Select the series then enter the Date and Voucher Number
Step 4: Choose the Purchase type
Step 5: Select the Party name then the Material Centre name
Step 6: ITC Eligibility
Step 7: Enter the Item details, Quantity, Price etc.
Step 8: Include the other charges like fright, loading etc. in the bill-sundry
Step 9: Save and Record
Recording Payments to Vendors:
Step 1: Transactions
Step 2: Select the Series then Enter the Date
Step 3: Select the correct GST Nature. Example Registered Expense (B2B)
Step 4: Select the Party name from the list
Step 5: Enter the payment amount
Step 6: Specify the payment mode on the credit side
Step 7: Adjust the outstanding bill references using the bill-by-bill adjustment method.
Step 8: Save and Record
How do I configure export transactions under GST in BUSY?.
To configure export transactions under GST in BUSY you need to follow the steps
Step1 Go to transaction menu and click on sale voucher then click to add
Step2 fill the series name voucher date and voucher number in sale module
Step3 select sale type IGST Export but you need to ensure that taxation type should be proper and Region
and type of transaction should be proper
Step4 Create a party master or select existing party master but need to ensure that
party address must be given Dealer type should be unregister and station and pincode must be given
for export to other country use pin code 999999
Step5 Fill item details and its rate and amount
Step6 Fill the port code deatils like PORT code port address location pincode state etc
Step7 save the voucher
I want a separate tagging of freight charges in my reports but it is getting included in sales amount. How can I tag it differently?
If you want separate tagging of freight charges in reports, and it is included in the sales amount, you can follow these steps:
Step 1: Go to Administration and click on Masters.
Step 2: Select Account and click on Add. Create a new account for Freight charges under the Indirect Expenses group and save the configuration after adding necessary details to the account.
Step 3: Again, go to Administration and click on Masters.
Step 4: Select Bill Sundry and click on Modify if the bill sundry is already created in BUSY, or you can create a new one by clicking on ADD.
Step 5: Search for Freight charges bill sundry and press Enter.
Step 6: Disable the 'Adjust in Sale Amount' and 'Adjust in Purchase Amount.'
Step 7: Choose 'Specify SCC Here' and mention the freight charges account.
Step 8: Save the configuration successfully. Now, separate tagging configuration is completed successfully.
I made a payment but it is not reflecting correctly in the software. What should I check?
When a payment is not reflecting correctly in the software, you should check the following:
1. Verify the payment entry: Make sure that you have entered the payment details accurately, including the correct amount, date, and payment method.
2. Check the ledger account: Ensure that the payment is recorded under the correct ledger account or vendor/customer account.
3. Reconcile the payment: Perform a reconciliation process to match the payment with the corresponding invoice or bill. Make sure that the payment is properly linked to the relevant transaction.
4. Review the payment report: Check the payment report in the software to confirm if the payment is listed correctly. If not, you may need to edit or re-enter the payment information.
If the issue persists, it is recommended to contact the customer support of the BUSY for further assistance.
How do I enter RCM expenses through a Journal entry in BUSY?.
To enter RCM (Reverse Charge Mechanism) expenses through a Journal entry in BUSY, you can follow these steps:
Step 1: Open the transaction menu in the software. You can choose a journal voucher to start entering RCM entries.
Step 2: When entering RCM through a journal entry, specify the GST nature as RCM Expenses (B2B) and select the relevant ledger name and GST details.
Step 3: Complete the entry by providing all the necessary details.
Step 4: After entering the information, click on the Save option. When saving the voucher, a Register Expenses screen will appear. Enter all the relevant details related to the expenses being registered under RCM on this screen.
Step 5: Save the invoice to record the RCM expense in BUSY.
By following these steps, you can accurately enter RCM expenses through a Journal entry in BUSY.
How do I record and track expenses in the software?
To record expenses in BUSY, you need to follow these steps:
Step 1: Open your compnay, then, go to the Transactions menu.
Step 2: Select Payment or Journal voucher and click on Add.
Step 3: Enter the required details such as date, voucher no, expense head, payment mode, amount, etc and save the transaction.
To track your expenses report in BUSY, you can follow these steps:
Step 1: Open your company. Then, go to the Display tab and click on Final Results.
Step 2: Choose the Income & Expenditure A/C option and specify the date range. You will see a report of all the expenses incurred during that period.
Step 3: You can also view the Profit & Loss A/C option from the Final Results.
This will show you the breakdown of your expenses into direct and indirect categories.
How do I record payment of RCM liability in BUSY?.
To record the payment of RCM (Reverse Charge Mechanism) liability in BUSY, you can follow these step-by-step instructions:
Step 1: Go to the Transaction option and select Journal Voucher.
Step 2: In the Journal Voucher, choose the appropriate series and enter the date of the transaction.
Step 3: Select the GST nature as GST Payment to Government. This selection ensures that the transaction is recognized as a payment specifically for GST to the government.
Step 4: After selecting the nature of the transaction, proceed to choose the relevant GST accounts associated with the RCM liability on the debit side of the transaction. On the credit side, select the bank or cash account from which the payment will be made.
By following these steps, you can accurately record the payment of RCM liability in BUSY.
How do I record expenses and track them in BUSY?
To record expenses in BUSY, you need to follow these steps:
Step 1: Open your compnay, then, go to the Transactions menu.
Step 2: Select Payment or Journal voucher and click on Add.
Step 3: Enter the required details such as date, voucher no, expense head, payment mode, amount, etc and save the transaction.
To track your expenses report in BUSY, you can follow these steps:
Step 1: Open your company. Then, go to the Display tab and click on Final Results.
Step 2: Choose the Income & Expenditure A/C option and specify the date range. You will see a report of all the expenses incurred during that period.
Step 3: You can also view the Profit & Loss A/C option from the Final Results.
This will show you the breakdown of your expenses into direct and indirect categories.
I want to track payments against invoices in BUSY. What options are available for this?
To track payments against invoice you need to follow the steps
Step1 go to transaction menu and click on receipt then add
Step2 enter voucher series date etc and Credit the party and Debit
the cash or bank
Step3 after the amount given in party master a window will appear
for billing adjustment here you need to select adjustment option
and select the voucher number to which it will be adjust but need to
ensure maintain bill by bill details option enable in party master
Step4 save the voucher
Step5 Go to Display menu and select account books
Step6 select account register standard then sales register
Step6 Select all sale type then all party and select date range
then enable show payment receipt deatils option and press ok
Adding a new service tax rate for a particular invoice in BUSY. Steps to follow for adding a rate.
To add a new service tax rate for a particular invoice in BUSY you need to follow the steaps
Step1 Go to transaction menu and click on sale and click to list
Step2 fill the date range and ok then select the voucher from list and enter to modify
Step3 Select the particular item and press alter M to modify
Step4 after opening the item master go to tax category option and press Fn and F3 to add a
new tax category
Step5 Fill the new tax category name select type as service and in gst rate info option fill
the new tax rates you want to provide and save then save the item also
Step6 in voucher retype the item details and then apply tax to see the effect of changes
