Frequently Asked
Questions
Find Solutions to Common Issues Related to final-results - balance sheet
What steps should I follow to generate detailed Final reports in BUSY?
To check final reprts in BUSY Accounitng Software you can follow these steps:
Step 1:Go to the Display menu,
Step 2:click Final result,
Step 3:Here isa options to Generate Reports as Balance Sheet,Profit and Loss,Payment and Reciept A/c,Income and Expenditure
A/c.
Step 4:Here,if you want to check the balance sheet, click on Balance Sheet.you will also see horizontal and vertical
reports,Open as per your choice,select starting Date and Ending Date,if you wants to see second level of balance sheet then specify Y,Then click ok,now you can check your balance sheet here.
Step 5:You can check the other reports like Profit and loss,payment and reciept in the same way.
Some figures are displaying under the wrong sections in my financial statements. How can I fix this?
If some figures are displaying under the wrong sections in my financial statements. To fix this issue you need to change Account Group as per sections and regenerate financial statements.
Step 1: Identify the Incorrectly Classified Figures: Review the financial statements and identify any figures that are displaying under the wrong sections or account groups.
Step 2: Update Account Group as per Sections: Modify the account group in BUSY and ensure that each account is assigned to the correct group based on the applicable financial statement section.
Step 3: Regenerate Financial Statements: After updating the account group classifications, regenerate the financial statements. This ensures that the corrected account groupings are reflected in the statements.
Why can't I generate financial reports in BUSY?
You may face some problems in generating the financial reports in BUSY. This could be due to one or more of the following reasons:
1. You have incomplete vouchers in your database, which means that some vouchers are not posted properly.
2. You have junk characters in your database, which are invalid or corrupted data that can affect the accuracy of the reports.
3. You have not updated the balances properly, which means that the ledger and trial balance are not in sync with the vouchers.
4. You have opened the report with the wrong date range and filter options, which can exclude some transactions or show incorrect results.
How can I view different tax categories separately in the P&L statement in BUSY?
You can view the tax category wise sales and purchase in the profit and loss account.
Pls follow the below steps :
Step 1: Create the sales and puchase account by tax rate name under account group sales and purchase.
Step 2: Open the sale/purc type of single rate and then specify the created tax rate account. For multi rate sale/purc type, click on the option specify here for seperate account of different tax rate and mention the tax rate accounts and save it.
Step 3: When you apply the sale/purc type in the voucher after that will show tax rate wise in the profit and loss account.
How can I resolve issues with transactions not appearing on financial statements in BUSY?
When some transaction are not showing in the financial reports,then pls check the below steps :
Step 1: Make sure that the accounts which is used the in the voucher is properly tag in the correct account group. As according to the account group, its shows in the financial report.
Step 2: Open that transaction and resave it as sometimes get refresh and shows in the financial report.
Step 4: Check the approval rights, if voucher is unapproved then will not reflect it.
Step 3: If the voucher entries are correct but still showing then after data backup, run the dual voucher option from housekeeping.
How can I update the closing stock balance manually in the balancesheet?
In the Balance sheet, you can update the closing stock balance manually month wise.
Please follow the below steps.
Step 1: Click on Administration and then Configurations
Step 2: Then Features and Options and Accounts
Step 3: There will be an option Balance sheet stock updation select value as Manually from dropdown list and save it.
Step 4: Go to the Display menu and sub menu Final results then select the Balance sheet horizontal option.Here mention the date range and open the report.
Step 5: Then put the cursor on closing stock cell and press enter on it. Now change the balance manually as per your stock value on monthly basis.
Where can i view the trial balance or a balance sheet in the software?
You can view the trial balance or a balance sheet in the software by following below steps:
Step1: Go to Dispaly menu and then click on Final results option
Step2: Then click on Balance sheet section and select horizontal option
Step3: Now specify starting date and ending date and enable or disable option as per your requirement and then press Ok to view the report
Step4: You can check trial balance under dispaly menu and then click on closing trial alphabetical option
Step5: then select balanced only or detailed option as per your requirement and specify date range and view the report
Can you explain the difference between current assets and stock in the balance sheet?
If you want to know the difference between current assets and stock in the balance sheet you can confirm with your CA further you can check below statement for the information.
Current assets and stock are both categories of assets in the balance sheet. Current assets are assets that can be easily converted into cash within a year, such as cash, accounts receivable, and inventory. Stock, on the other hand, refers specifically to the inventory or goods that a business holds for sale or production. While stock is a type of current asset, not all current assets are stock.
How can I track and manage my company's assets in BUSY?
To track and manage your company’s assets in BUSY, you need to follow these steps:
Step 1: Create an asset master for each asset under the appropriate group, such as Current Assets or Fixed Assets.
Step 2: Specify the depreciation rate for each fixed asset in their master.
Step 3: Post a depreciation voucher to calculate and record the depreciation on fixed assets.
Step 4: Use the correct voucher type, such as purchase voucher or sale voucher, to record the transactions related to assets.
Step 5: View the balance sheet report to monitor your assets and their values.
How can I generate financial reports in BUSY?
BUSY provides a variety of financial reports to help you manage your business finances effectively. To view them can follow these steps:
Step 1: Go to the Display menu and click on Final Result.
Step 2: Choose the report option availabe such as Balance Sheet, Profit & Loss A/c, Payment & Expenditure A/c and Payment & Receipt A/c
Step 3: After selecting the report option enter the date range and can view the report.
You can also export that report by using the "Export" (ALT+E) option to export it in a compatible file format such as Excel, CSV, PDF & Google Sheet.
