Frequently Asked
Questions
Find Solutions to Common Issues Related to configurations - voucher entry accounting
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
I want to track payments against invoices. How can I link payments received to invoices in the system?
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 wich 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
Can I enter a receipt first and then do the sale later?
Yes, you can enter a receipt first and create a bill reference number after that create the sales voucher and adjust that bill reference number.
To know how to enable bill reference feature, follow the below steps:
Step 1: Go to administration menu then select configuration sub menu.
Step 2: Select features and options and click on accounts tab.
Step 3: Here, at top you will see an option of bill by bill details. Just tick on that and configure it as required then save.
Step 4: In party's account master you also need to enable maintain bill by bill balancing feature.
Step 5: Further if you want to pay tax on received amount in advance then you should create receipt voucher with advance receipt gst nature and create a reference.
Step 6: After that you need to adjust that reference in the sale voucher.
I am having trouble getting the totals to calculate properly in the sale and purchase entries. The total row is not populating. How can I fix this?
There might be various reason for not calculating total field properly in sale purchase voucher
to troubleshhot the issues follow the steps
1 Go to the spectfic voucher entry and check the tax applied in the voucher and the tax mentioned
in the item master both are same or not if not same then click on item and press alter M and change
tax rate over there and save and recalculate tax again in voucher
2 Check is there any discount applied or not in the voucher if applied then check does it affect on
the sale purchase or any other ledger
3 If there is any bill sundry in the voucher then select it and open in modify mode and check where
the bill sundry ledger affecting on sale purchase or not and modify it accordingly
How to enter reverse charge and TDS transactions?
To record a reverse charge mechanism transaction in BUSY, you need to follow these steps:
Step 1: Open your compnay, then, go to the Transactions menu.
Step 2: Select Journal and click on Add.
Step 3: Enter the required details such as date, voucher no, etc.
Step 4: Select the GST Nature as RCM Expense.
Step 5: Debit the expense head and make sure in the expense head RCM Nature, ITC Eligibility, Tax Category, etc entered correctly.
Step 6: Credit side enter your party head.
Step 7: After enter the voucher you need to consolidate the RCM entry by going the GST Misc. Utilities under the Transaction menu.
Step 8: Then, select Check/Post Consolidated RCM Payable and can select either Monthly Basis or Daily Basis.
Step 9: Now, press F4 for post Consolidated RCM payable voucher.
