Frequently Asked
Questions
Find Solutions to Common Issues Related to configurations - voucher entry accounting
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
What is the process to enter a credit note received from the supplier in the system?
To enter a credit note received from the supplier in the system, you need to follow these steps:
Step 1 : Click on transactions
Step 2 : Go to the Purchase or Purchase Return section.
Step 3 : Select the option to add a new credit note voucher.
Step 4 : Enter the voucher details such as voucher series, voucher date, and voucher number.
Step 5 : Specify the party name or supplier from whom you received the credit note.
Step 6. Enter the credit note number provided by the supplier.
Step 7. Fill in the necessary details like item details, taxable value, and any applicable taxes.
Step 8. Save the voucher to complete the process of entering the credit note in the system.
How to deduct the TDS for transaction abive 50 lakh in the voucher entry?
When the TDS is not calculating automatically for the vendor bills then make sure that tds configuration should done properly in BUSY and TDS is enable in the party master.
Pls Follow the Below the Steps for TDS Calculation :
Step 1: Click on Administration
Step 2: Then Configuration
Step 3: Then Features and Options
Step 4: Enable the TDS/TCS option
Step 5: Mention the warning for TDS purachse and payment voucher as per your requirement in the bottom.
Step 6: Open the party account in modify mode
Step 7: Then in TDS/TCS window, mention the applicable limit as per your requirement.Then TDS will get charge if the limit get cross after 50 lakh.
Step 8: Then in purchase voucher will calculate automatically when limit get cross and reference will get create.
How can I check the entry of payment and verify the opening balance?
To check the entry of payment you can follow some steps:
Step 1: Go to the Trasaction and select Payment voucher option.
Step 2: Now select list option and then select screen option.
Step 3: Now select the period for which you want to see payment entry and click on Ok option for press F2 and check payment voucher.
To check opening balance you can follow some steps:
Step 1: Go to Display and click on Account Book.
Step 2: Now click on Account ledger and select standard.
Step 3: Now select party and then period by enter date and you can select other option there as per your requirement
Step 4: Now select ok option or select shortcut key F2 and then check opening balance at top right side corner.
Where in BUSY can I enter expenses for custom duties and taxes
To record the custom duty expense and tax entry in BUSY, you need to create a custom duty master and a payment or journal voucher. Follow these steps to create the entry:
Step 1: First, go to the Administration menu and click on Masters.
Step 2: Next, select Account click on the Add. This will open the Add Account Master screen.
Step 3: Then, enter the name of the custom duty master and select Expense as the group.
Step 4: After that, go to the Transactions menu and select Payment or Journal and click Add. This will open the Payment or Journal Voucher Entry screen, enter the all necessary details and save the transaction.
Furthermore you can also add taxes at the time of invoice creation.
