Frequently Asked
Questions
Find Solutions to Common Issues Related to features - accounts
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
How do I link bank account and upload statements in BUSY?
In BUSY, you have to add Bank master and its details. You can add Master by:
Step 1: Go to the Administration menu
Step 2: Click Master
Step 3: Click Add button, mention all details related to bank
You have to post entries related to bank manually or can import from excel. BUSY provides option to reconcile bank statement with your books which is known as bank reconicile feature. to enable this option follow below steps:
Step 1: Go to Adminstration, Click Configuration option
Step 2: Select Feature/Option, Click Accounts Tab
Step 3: Select Bank Reconciliation option from banking option section and Save Accounts window
Step 4: After enabling, you will get an option of Bank reconciliation in Display menu
Step 5: Click Bank reconciliation option, select show all entries
Step 6: Mention Bank name and Starting and ending date of report
Step 7: To reconcile entries as per your banking statement use F4 key and mention clearing date
You can check cleared and un cleared entries in seprate report under display, Bank reconciliation option
Can I maintain transactions in both dollars and rupees?
Yes, you can maintain transactions in both dollars and rupees using the multi-currency feature in BUSY Accounting software, follow below steps:
Step 1: Go to the Administration menu then click on the Configuration Submenu
Step 2: Then select Features and Options and then click on the accounts tab
Step 3: Now tick the check box option of multi currency and then select save to save changes.
Step 4: After that go to Administration menu and then submenu master and select account option
Step 5: Then click on modify and select account in which you want to enable multi currency feature
Step 6: Now select multy currency option as Y and select save option to save the changes
Step 7: Then go to transaction menu and select sales, purchase
Step 8: After that choose the add option and provide the necessary details, including series, date, and party. After entering party name a window will appear allowing you to specify currency as dollar and then select save option to save invoice.
How can I generate an invoice for an overseas client in BUSY, and what currency options are available?
To generate an invoice for an overseas client you need toe enabe Multi currency Feature in BUSY and to enable it you can follow some steps:
Step 1: Step 1-Go to the administration and configuration
Step 2: Under the configuration click on Feature and option
Step 3: Now click on Accounts Options and enable by tick on Multi currency featur and you can search Multi currency option from Shortcut key F3.
Step 4: Go to the administration and then click on Master.
Step 5: Now click Currency and click on Add Option. from this you can create any currency of other countries.
Step 6: Now enable multi currency option in Accounts master by specify Y and save the master
Step 7: Now enter voucher and it will show to currency details window during fill up the required details in voucher.select the current and mention current Conversion Rate which you want and save the voucher
