Frequently Asked
Questions
Find Solutions to Common Issues Related to final-results - balance sheet
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.
I am finalizing my balance sheet and the purchases in my trading account are not equal to purchases in stock. How can I resolve this issue?
If purchases in trading account are not equal to purchases in stock then you need to check these steps:
Step 1: First compare both reports in shorter range and identify the date from where the issue arise.
Step 2: If a purchase entry posted throught JV then it would not match with the stock report.
Step 3: The items you have purchase in them the option of Don't maintain stock balance is set to Y then stock report will mismatch.
Step 4: If purchased fixed assets through purchase voucher and in item master account tagging is wrong then report will mismatch.
Can you walk me through how stock amounts are calculated and included on the balance sheet?
In BUSY stock amounts are calculated through stock valuation method which is selected in the inventory feature. And in BUSY we have 3 option to update stock balance sheet or profit and loss account that are manually, stock status, ask me for setting one of these options follow below steps:
Step 1: Take a latest backup of the data.
Step 2: Go to administration menu and select configuration option.
Step 3: Then select feature and option and click on accounts tab.
Step 4: In account tab navigate to the balance sheet stock updation option then click on save button.
How do I generate financial statements in BUSY?
To generate financial statements in BUSY, you can follow these steps:
1. Open BUSY.
2. Go to the Display section.
3. Select the type of financial statement you want to generate, such as Profit and Loss Statement or Balance Sheet.
4. Choose the desired date range for the statement.
5. Click on the Generate button.
6. The financial statement will be generated and displayed on the screen.
7. You can print /export/Email the statement as needed.
Please note that the specific steps may vary slightly depending on the version of BUSY you are using.
- first_page
- chevron_left
- 18
- 19
- 20
- 21
- 22
- chevron_right
- last_page
