Frequently Asked
Questions
Find Solutions to Common Issues Related to configurations - voucher entry accounting
I made a late GST payment with interest. How do I record the interest amount separately?
To record the interest on your late GST payment separately, you can follow these steps:
Step 1:Go to the Transaction menu.
Step 2:Select Payment Entry and click on the Add option.
Step 3:Choose the series, date, and set the GST nature as GST payment to government.
Step 4:Create a new ledger account on the debit side for GST Interest Payable or a similar name.
Step 5:Enter the bank and the respective amount on the credit side.
Step 6:Save the voucher. A new window for GST payment details will appear.
Step 7:Select GST payment type as Regular payment.
Step 8:Enter the period ending, interest amount, and other details like challan number and bank details.
Step 9:Save the information.
How do I manage expenses and accounts in BUSY?
To manage expenses and accounts in BUSY, you can follow these steps:
1. Create expense accounts: Set up different expense accounts to categorize your expenses accurately.
2. Record expenses: Enter your expenses in BUSY by selecting the appropriate expense account and providing the necessary details such as date, amount, and description.
3. Track accounts payable: Keep track of your outstanding bills and payments to vendors by using the accounts payable feature in BUSY.
4. Reconcile accounts: Regularly reconcile your accounts to ensure that your expenses and accounts are accurately recorded and balanced.
5. Generate expense reports: Utilize the reporting feature in BUSY to generate expense reports, which provide a comprehensive overview of your expenses and help with financial analysis.
By following these steps, you can effectively manage your expenses and accounts in BUSY.
How do I record payment entries in BUSY?
To record payment entries in BUSY, you can use the payment voucher or general voucher. In the payment voucher, you can record payments made to parties, while in the general voucher, you can record all types of transactions including payments. you can follow these steps to record payment entries in BUSY:
Step 1: Go to Transactions Menu.
Step 2: Click on Payment Voucher option
Step 3: click on Payment Add option
Step 4: Select payment voucher Header details, Voucher series, date, voucher No., Type: Regular or PDC.
Step 5: Select GST Nature as per transaction.
Step 6: Select debit the party and debit amount, inst. type: Neft, upi , inst. no. and short narration.
Step 7: Select credit the bank or cash and enter long narration if required.
Step 8: Click on Save option
How can I adjust my bills in BUSY?
For adusting payments received from a customer for a perticular invoice we can use Bill by bill detalils feature,
Follow Below Steps:
Step 1: Go to Administration menu and then select Configuration option.
Step 2: Select Features and Options and click on the accounts option.
Step 3: here you have to Enable Bill by Bill Details option. and save the configuration.
Step 4: Now Go to Transaction and select the Sales and click onm the Add option.
Step 5: While saving invoice mention Bill by bill new reference for the amount and save.
Step 6: And then Go to Transaction menu and select Receipt option and click on the Add option.
Step 7: Select bill by bill reference as adjustment mode.
Step 8: Setecl reference of sale invoice from dropdown the it will adjust.
How is RCM credit adjusted against GST in BUSY?.
Step 1: Navigate through the display menu to access the GST report. Select GST summaries and then the GST summary option.
Step 2: Specify the start and end dates for the report. Additionally, choose other options as required and generate the report.
Step 3: In the opened report, there should be an option to auto-adjust RCM in input GST. Press F4 for RCM adjustment.
Step 4: Upon pressing F4, a voucher posting screen will appear. In this screen, select the option for RCM to regular tax adjustment.
Step 5: Choose the journal voucher series and specify the date for posting the voucher then save voucher
step 6 : now adjusted RCM amount appeared in gst summery under section RCM input adjusted.
How do I link payments to a specific voucher series in BUSY?
To link payments to a specific voucher series in BUSY, you need to select the voucher series while doing payment voucher entry. you can follow these steps to record payment entries within required series in BUSY:
Step 1: Go to Transactions Menu.
Step 2: Click on Payment Voucher Option
Step 3: click on Payment Add option and choose the Payment Voucher series name as you required.
Step 4: Select payment voucher Header details, Voucher series, date, voucher No.,Type: Regular or PDC.
Step 5: Select GST Nature as per transaction.
Step 6: Select debit the party and debit amount, inst. type: Neft, upi , inst. no. and short narration.
Step 7: Select credit the bank or cash and enter long narration if required.
Step 8: Click on Save option
How to pay supplier without GST in BUSY as composition firm?.
To account for freight charges paid to a transporter in BUSY with GST, you can do the following step by step:
Step 1: Create a new purchase voucher in BUSY.
Step 2: Select the relevant party (the transporter) and enter the invoice details.
Step 3: Choose the purchase type as Local-RCM/UnReg.
Step 4: Then, select ITC Eligibility as Input Goods/Services.
Step 5: Add a new line item for the freight charges.
Step 6: Choose the appropriate Service tax category for the freight charges.
Step 7: Enter the amount of the freight charges.
Step 8: Save the voucher.
By following these steps, you'll be able to correctly account for freight charges in BUSY with GST.
How to pass the RCM voucher in BUSY?
In BUSY, You have to book the RCM entry then pass the consolidated voucher.
Pls follow the below steps for RCM Entry :
Step 1: In the expense or fixed assets account ,mention the tax category, select the rcm nature as compulsory and as import services if you have purchased any service from other country.
Step 2: Click on Transactions
Step 3: Then Journal
Step 3: Then Add
Step 4: Select the GST nature as RCM Entry then DEBIT the expense or fixed asset account and then CREDIT the cash or party account.
Step 5: Click on Transactions
Step 6: Then GST Misc Utilities
Step 7: Then check/post consolidated rcm payable
Step 8: Select the entry and press f4 for posting the consolidated voucher after that RCM entry will reflect in the GST report.
Why don't I see an option or process in BUSY to account for a GST refund received from the government?
Yes, you can pass a journal entry for GST refund received from the government in India. The specific accounts involved in the journal entry may vary based on your accounting practices and the nature of the refund, but a general entry might look like this:
Debit (Increase) Bank Account: To reflect the increase in your bank balance due to the GST refund.
Credit (Decrease) GST Receivable Account: To reduce the amount of GST that was previously recorded as receivable.
The amounts in the entry will depend on the actual refund amount received.
It's advisable to consult with a professional accountant or tax advisor to ensure that the entry aligns with your specific business circumstances and complies with accounting and tax regulations.
How can I modify or Edit E invoice with incorrect or missing information in BUSY ?
Once an E invoice generate with wrong information or incorrect
data it can not be modified or edit from BUSY or from portal
you need to cancel the voucher from BUSY and also cancel the Einvoice
within 24 hours
To cancel the voucher follow the steps
Step1 go to transaction menu click on sale and then click to modify
Step2 search the invoice number you want to cancel and ok
Step3 after opening the voucher click on cancel and fill the reason of
cancellation then a window will appear where you will ask for the cancellation of Einvoice
make it Y and give the reason of cancellation and save to cancel it from BUSY and from portal
