Frequently Asked
Questions
Find Solutions to Common Issues Related to features - accounts
How to setup new ledger accounts or cost centers?
1.To setup cost centers feature in BUSY, Follow these steps:
Step 1: Go to Administration section then click on Configuration menu
Step 2: Select features/options and then select accounts tab
Step 3: Enable Cost center feature, Made configuration as per requirement and save the tab.
2.To create the Cost center master, follow these steps:
Step 1: Go to administration then click on Master menu.
Step 2: Select the Cost center option and click on Add to create cost center master.
3.Now, Configure for allocation of amount to cost center in required account master by following these steps:
Step 1: Go to administration then click on Master menu.
Step 2: Select the Account tab then click on Modify option and open the required account master in modify mode.
Step 3: A window will appear while saving account masterfor allocate amount to cost center, Specify Y to enable the option and save the master.
4.You can Allocate the amount of income/expense to the appropriate Cost Centre while entering a voucher.
5.To view the cost center report, you have to go to Display section then click on Cost center report and then select the required report.
How to do post dated cheque entry in BUSY?
If you want to do post dated cheque entry in BUSY please follow below steps:
Step 1: Go to administration menu then click on configuration submenu
Step 2: Then click on features and options tab and click on accounts tab
Step 3: Tick the check box of post dated cheques in payment and receipt voucher to enable it
Step 4: Save the changes
Step 5: Go to transactions menu then click on voucher such as payment and receipt
Step 6: Click on add to add the voucher and specify required fields such as series date and select type as PDC alongwith PDC date
Step 7: Do the entry and save the voucher
Step 8: When your post dated cheque is regularize you need to do the same in BUSY
Step 9: To regularize PDC go to administration menu then click on miscellaneous data entry option
Step 10: Click on regularize PDC and open it as one bank or all as required
Step 11: Specify the date range and open the report
Step 12: Tick the checkbox of those entries you want to regularize and click on regularize option
How to properly adjust UPI payment received and reconcile bank account in BUSY?
If you received payment from UPI you can add receipt voucher by using the below steps:
Step 1: Open BUSY and select the company you want to work with. Then, go to the Transactions menu.
Step 2: Choose the Receipt and click on Add.
Step 3: Fill in the necessary details such as Date, Voucher no., Amount, etc.and save the transation.
To reconcile your bank accounts in BUSY, you can follow these steps:
Step 1: First turn on the Bank Reconciliation feature by using the below steps:
(i) Go to Administration
(ii)Configurations
(iii)Feature/Options
(iv)Accounts.
(v)Here, you can check the box next to Bank Reconciliation
and save.
Step 2: To Reconcile your bank entries follow these steps:
(i) Go to Display tab.
(ii) Select "Bank Reconciliation" option and click on
"Show Uncleared Entries".
(iii) Select your bank account and date range.
(iv) To clear an entry from the report find the entry that you want to
clear. Press F4 on your keyboard to open the clearing window
enter the clearing date as per the statement and click on the OK button.
. How do I assign cost centers to ledger accounts in BUSY?
If you want to allocate cost cetre to ledger in BUSY, you can follow these steps:
Step 1: First, you need to enable the Cost Centres feature by going to the Administration tab on the top menu bar and clicking on Configurations.
Step 2: Under Configurations, select Features / Options and then click on the Accounts tab. Here, you will find the Cost Centres option. Just click on the checkbox to turn it on and configure it as required.
Step 3: Now go back to Administration tab and click on Masters.
Step 4: Select Cost Centre and click on Add. Enter all the details such as Name, Group, etc and save.
Step 4: Next under Masters, select Account and then click on Modify. This will open a list of your accounts that you can choose from.
Step 5: Select the account that for that you want to assign cost centre and when you resave that a window appears for "Allocate Amount to Cost Centres" set it to Y to enable for that account.
Now, when you recording transaction you can allocate cost centres.
How do I setup single/multi-layer accounting in the software?
To maintain single or multi layer accounting in BUSY you can maintain sub ledger feature of BUSY
Find out the steps to maintain sub ledger In BUSY
Step 1 : Go to administration
Step 2 : Then go to Configuration
Step 3 : Then go to features and option
Step 4 : Then go to accounts tab
Step 5 : Then enable maintain sub ledger option
Step 6 : Then first create main account and tag him under general ledger group
Step 7 : Then Create a sub ledger account and tag him under sub ledger group
Step 8 : Then Add transactions using the Sub ledger or General Ledger as per your requirement.
Step 9 : Then you can check sub ledger report also through this steps
Step 10 : Go to display option
Step 11 : Then go to accounts book
Step 12 : Then go to accounts ledger
Step 13 : Then Select sub ledger report and mention the data and check the report
. How do I setup depreciation accounts properly in the software?
If you want to set up depreciation for fixed assets in BUSY, you can follow these steps:
Step 1: Open BUSY and select the company you want to work with. Then, go to the Administration tab and click on Configuration.
Step 2: Under Configurations, select Features / Options and then click on the Accounts tab. Here, you will find the "Company's Act Depreciation" option. Just click on the checkbox to turn it on.
Step 3: Now, when you create / Modify your Fixed Assets account can mention your depreciation rate according to Income Tax Act or Companies Act as required.
Step 4: For calculate depreciation go to Display menu and click on "Depreciation Chart".
Step 5: Choose the depreciation method that suits your business needs. You can select either the Income Tax Act or the Company’s Act (w.d.v). Then, select the “Depreciation A/C”.
Step 6: The report will show you the depreciation amount for each fixed asset based on the selected method. You can post the depreciation voucher to your accounts by pressing F4 on your keyboard.
I want to create budgets in BUSY to compare against actuals. Is there functionality to create budgets?
By enabling the Budget feature you can define budgets for various expenditures and investments. You can also configure Warning alarms so that a warning message will be shown on exceeding the budget fixed for the account.
To use the Budget feature, you need to perform the following steps:
Step 1: Go to Administration then select Configuration and then select Features and Options.
Step 2: Under features and options click on Accounts tab then tick on budget feature in accounts window.
Step 3: After enabling the Budget feature, define Annual / Monthly Budgets for various Expenses, Fixed Assets,Investments Account in the Budget for the Account window that appears while saving Account master.
Step 4: You can also define Budgets for Accounts Groups by using the Administration then Master and then selecting Account Group option.
Step 4: View Budget Variance report to find out which expenditure item has exceeded the budget limit. To view the Budget Variance report, click Display menu then MIS Reports and then select Budget Variance.
How do I record depreciation of assets in BUSY
If you want to set up depreciation for fixed assets in BUSY, you can follow these steps:
Step 1: Open BUSY and select the company you want to work with. Then, go to the Administration tab and click on Configuration.
Step 2: Under Configurations, select Features / Options and then click on the Accounts tab. Here, you will find the "Company's Act Depreciationoption. Just click on the checkbox to turn it on.
Step 3: Now, when you create / Modify your Fixed Assets account can mention your depreciation rate according to Income Tax Act or Companies Act as required.
Step 4: For calculate depreciation go to Display menu and click on "Depreciation Chart".
Step 5: Choose the depreciation method that suits your business needs. You can select either the Income Tax Act or the Company’s Act (w.d.v). Then, select the “Depreciation A/C”.
Step 6: The report will show you the depreciation amount for each fixed asset based on the selected method. You can post the depreciation voucher to your accounts by pressing F4 on your keyboard.
. How do I enable multi-currency in BUSY?
Multi-currency in BUSY is a feature that allows you to manage your accounts in different currencies and perform transactions in foreign exchange and also helps you to handle your international business operations with ease. helps you to handle your international business operations with ease.
To enable this feature can follow these steps:
Step 1: Open BUSY and select the company you want to work with. Then, go to the Administration tab and click on Configuration.
Step 2: Under Configurations, select Features / Options and then click on the Accounts tab. Here, you will find the "Multi Currency" option. Just click on the checkbox to turn it on.
Step 3: You can create accounts and set Y on Multi Currency. You can record sales, purchases, receipts, payments, and other vouchers in any currency and convert them to your base currency automatically according to the conversion rate.
Step 4: You can view and print reports and statements in any currencies.
Step 5: You can also track forex gain or loss due to currency differences & exchange rate fluctuations.
How is multi-currency accounting handled in BUSY?
Multi-currency in BUSY is a feature that allows you to manage your accounts in different currencies and perform transactions in foreign exchange and also helps you to handle your international business operations with ease. helps you to handle your international business operations with ease.
To enable this feature can follow these steps:
Step 1: Open BUSY and select the company you want to work with. Then, go to the Administration tab and click on Configuration.
Step 2: Under Configurations, select Features / Options and then click on the Accounts tab. Here, you will find the "Multi Currency" option. Just click on the checkbox to turn it on.
Step 3: You can create accounts and set Y on Multi Currency. You can record sales, purchases, receipts, payments, and other vouchers in any currency and convert them to your base currency automatically according to the conversion rate.
Step 4: You can view and print reports and statements in any currencies.
Step 5: You can also track forex gain or loss due to currency differences & exchange rate fluctuations.
