Frequently Asked
Questions
Find Solutions to Common Issues Related to configurations - voucher entry accounting
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.
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.
The amounts and rates are not showing up properly in BUSY. How can I fix this?
To fix the issue of amounts and rates not showing up properly in BUSY you should follow the steps
1 Go to the transaction menu and select the voucher type and open the voucher from list
2 click on the item master and open it in modify mode and check the tax rates given on item master
is proper or not if not then modify it
3 Now go to the transaction again and check the sale purchase type and modify wheather its required
4 now check the tax applied on item is proper as item master or not if not then manually change it
it could be possible during the transaction someone wrongly mention it manually
5 now check the bill sundry applied in voucher is effecting the taxable amount or not if the bill sundry
master affects the taxable amount then check does it required or not and also check the bill sundry
value are affecting on value or tagged with another ledger this could also be the reason of missmatching
the amount
How to enter receipt and payment vouchers in BUSY
To enter Receipt and Payment vouchers in BUSY, you can follow these steps:
Step 1: Open BUSY and go to the Transaction menu. Click on the Receipt option and select Add.
Step 2: Enter the date and set the GST nature as Not Applicable if you want it to have only an accounting effect. Debit the bank or cash account and credit another account through which the balance of cash or bank is being affected.
Step 3: To enter a payment voucher, go to the Transaction menu, click on the Payment option, and select Add.
Step 4: Enter the date and set the GST nature as Not Applicable if you want it to have only an accounting effect. Credit the bank or cash account and debit another account through which the balance of cash or bank is being affected.
Note: A receipt voucher is used when you receive payment from your customer or any other party. A payment voucher is used when you pay someone either through cash or a bank, such as a supplier or any other party.
I want to apply a payment to multiple invoices in BUSY but it only seems to let me apply to one. What should I do?
While applying payment to multiple invoices or Adjusting multiple invoices in one payment voucher you need to make ensure. Invoice due date, payment voucher date and Bill by bill references is created in invoice or not. To enter Payment voucher, follow the steps:
Step 1: Go to Transactions Menu.
Step 2: Click on Payment voucher option.
Step 3: Choose the add option
Step 4: Enter voucher Header details. Voucher series name, date, type: Regular, PDC.
Step 5: Enter payment voucher body details debit the party and credit the Bank account or cash account.
Step 6: Select party account debit side and enter Amount.
Step 7: after entering amount Bill by bill adjustment of amount window will be open.
Step 8: Select method as adjustment and Choose the invoices or bills you want to adjust in this voucher.
Step 9: Enter narration if required. Click on OK.
Step 10: Enter Inst. Type inst.no. voucher short narration if required
Step 11: Select Credit the Bank account or cash account.
Step 12: Click on Save voucher.
