Frequently Asked
Questions
Find Solutions to Common Issues Related to features - accounts
. 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.
I am unable to customize the purchase invoices in BUSY to show separate reference numbers and amounts for GST and items. What options do I have to do this customization?
To customize the purchase invoice in BUSY to show separate references numbers and
amounts for gst and items you need to follow the steps
Step1 go to administration menu and click on configuration then click on feature option
Step2 Click on accounts and click on Bill by bill deatils configuration and enable grouping of reference and tag bill reference group with Item group and save
Step3 Go to administration menu and click on master then click Item group
and modify the existing groups and enable specify bill reference group and create a
reference group and tag then save
Step4 now go to transaction menu and click to purchase and click to add
Step5 Fill the voucher entry with required details and save
Step6 at the time of saving while Reference generation box will open then refernce will
be separate as per item master group created in and tagged in item master then save
the voucher
How do I handle 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 your company, then, go to the Administration tab and click on Configuration.
Step 2: 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, you 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.
Step 7: You can post the depreciation voucher to your accounts by pressing F4 on your keyboard.
I want to record export sales in foreign currency but the software is not giving multi-currency option. What should I do to record export sales in foreign currency?
To record export sales in foreign currency you need to follow the steps
Step1 go to the administration menu and click on configuration then click feature options
Step2 click on accounts and enable multi currency option and fill currency decimal place then save
Step3 go to party master and click on modify then search the party and enable multi currency
Step4 Go to master option and click to add currency conversion and select date select the foreign
currency and standard rate
Step5 go to sales voucher and click to add then fill voucher details like date number and select sale
type as IGST export then select party name in voucher
Step6 after selecting party name a currency details box will open where select the billing currency then
select item name item quantity now the rate will be shown in voucher as foreign currency so fill the
item rate amount and save the voucher
