Frequently Asked
Questions
Find Solutions to Common Issues Related to configurations - voucher entry accounting
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.
I am unable to finalize and complete a voucher in BUSY due to errors in GST amounts. What should I check to be able to complete the voucher successfully?
To resolve the errors of GST amount in voucher you need to follow the steps
Step1 Go to transaction and click on sale then click to modify
Step2 search the Voucher and open it then click on item master
Step3 press alter M to modify item and change the item tax category if required and save the item
Step4 check the sale type applied on voucher is same as item or differ if different then change the
sale type as multirate or item wise or the same tax rate mention in item master
Step4 apply discount before apply tax if any
Step5 check the GST ledgers does it properly tagged or not then save the voucher
How do I record advance payments from customers in BUSY? How do I update the inventory items in BUSY?
If you want to record advance payment received from customers in BUSY, you can follow these steps:
Step 1: First, open your company and go to Transaction.
Step 2: Choose the Receipt Voucher and click on Add.
Step 3: Fill in the necessary details such as Date, Voucher no., Amount, etc.
Step 4: If you want to pay tax on advance receipt then select GST nature as Advance Receipt.
To update your item details in BUSY, you need to follow these steps:
Step 1: Open your company, then go to Administration.
Step 2: Select Masters and click on Item.
Step 3: Click on Modify and choose your item of which details you want to update.
Step 4: Make necessary changes and save again.
Note: Take backup of your date before making any changes.
The tax types are tagged incorrectly in the sales and purchase vouchers. What should I do?
To resolve the issue of tax types being tagged incorrectly in sales and purchase vouchers
you should follow the steps
1 Go to transaction menu and click on sale or purchase voucher
2 Then click on list and open the report by mentionning proper date range
3 Then select the particular voucher from the list and open it by click enter on it
4 Then select the Item master and click alter M and modify the tax category in item master
and save it
5 Then click on sale or purchase type which you mention in the bill and open it by pressing
alter and M then check the sale or purchase type that are selected correct percentage or not and save it
How do I handle custom duties and taxes in BUSY
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.
