Frequently Asked
Questions
Find Solutions to Common Issues Related to final-results - balance sheet
Why is the balance sheet not matching with the trial balance in BUSY? How can I reconcile these discrepancies?
To check the possible reasons to find out descrepancies
between Balance Sheet and Trial Balance are as follows:
Step 1: Check whether the balances are updated properly or not.
To ensure this, Go to House Keeping and run Update master balances.
Step 2: Then, go to Display then click on Trial Balance report option,
then open Opening Trail - Mismatch from Previous report and check
whether there are mismatch found or not.
Step 3: If found mismatch then match it with your previous year closing trial
balance report.
Step 4: The trial balance is a report that shows the ending balances
of all the ledger accounts, and it should have equal totals of debit and
credit.
Step 5: If still there is mismatch between both, check the data is short
date range, as there could be journal entries which are posted incorrectly.
Note: Before running any process in BUSY, ensure to take back up of your data.
What is the process to close the books and prepare for the new financial year in BUSY?
To close the books and prepare for the new financial year in BUSY, you need to follow these steps:
Step 1. Ensure that all transactions for the current financial year are recorded accurately.
Step 2. Reconcile all bank accounts and make sure they are up to date.
Step 3. Review and verify all account balances, including assets, liabilities, and equity.
Step 4. Generate financial statements, such as the balance sheet and profit and loss statement, for the current financial year.
Step 5. Make any necessary adjustments or corrections to ensure the accuracy of the financial statements.
Step 6. Close the books by transferring the net profit or loss to the capital account.
Step 7. Prepare the opening balances for the new financial year, including updating the capital account balance.
Step 8. Set the new financial year in the software and ensure that all data is properly segregated.
Step 9. Backup the data to ensure its safety and integrity.
Step 10. Begin recording transactions for the new financial year.
I am facing an issue with capital account balance in BUSY How can this be fixed
If you are facing an issue with the capital account balance in BUSY, you can follow these steps to fix it:
Make sure to take backup of your data before make any changes.
Step 1: Check the transactions that affect the capital account and make sure they are entered correctly in BUSY.
Step 2: Compare the capital account balance in BUSY with the actual balance and find out if there are any differences. Adjust the entries accordingly to match the balance.
Step 3: Verify that the opening balance of the capital account is accurate in BUSY. If not, correct it as per your records.
Step 4: Go to the Housekeeping menu and run "Update Master Balances". Wait for the process to finish and check if the issue is resolved.
If you need any assistance you can reach out to us on our 24X7 helpline number: 8282828282 or 011 40964096. You can also email us your query at support@busy.in.
How do I generate profit and loss statements and balance sheets?
To generate balance sheet statements you can follow the steps.
Step 1. Open BUSY Software
Step 2. Open company
Step 3. Go to display menu click
Step 4. Final results click
Step 5. Balance sheet click
Step 6. Click on format type horizontal standard or vertical standard in which you want to view
Step 7. Select date range
Step 9. Open balance sheet.
To generate profit and loss statements you can follow the steps.
Step 1. Open BUSY Software
Step 2. Open company
Step 3. Go to display menu click
Step 4. Final results click
Step 5. profit and loss click
Step 6. Click on format type horizontal standard or vertical standard in which you want to view
Step 7. Select date range
Step 9. Open profit and loss.
Totals in financial reports don't match my actual totals in BUSY. How can I correct this?
If totals in financial reports don't match my actual totals in BUSY, you can follow these steps to fix it:
Step 1: First you need to idenfity that which part of balance sheet is showing incorrect balance.
Step 2: Check the transactions that affect that account and make sure they are entered correctly in BUSY.
Step 3: Verify that the opening balance of that account is accurate in BUSY. If not, correct it as per your records.
Step 4: Go to the Housekeeping menu and run "Update Master Balances". Wait for the process to finish and check if the issue is resolved.
Make sure to take backup of your data before make any changes.
If you need any assistance you can reach out to us on our 24X7 helpline number: 8282828282 or 011 40964096. You can also email us your query at support@busy.in.
How does the reporting feature work?
BUSY provides a variety of reports to help you manage your business finances effectively. These reports you access under the Display menu:
1. Financial Reports: These include Balance Sheet, Profit & Loss Account, Trial Balance, etc.
2. Account Books: These include Account Ledger, Sales Register, Purchase Register, etc.
3. Inventory Reports: These include Stock Status, Inventory Books, Inventory Summary, etc.
3. GST Reports: These include GSTR-1, GSTR-2, GSTR-3B, GSTR-4, GSTR-9, etc. These reports help you to comply with the GST laws and regulations in India.
4. Outstanding Analysis Reports: These include Bills Receivables, Bills Payables, Aeging Reports, etc. These reports help you to manage your cash flow and credit control.
5. MIS Reports: These include Profitability Report, Cash Flow, Fund Flow, Ratio Analysis, Multi Company Results, etc. These reports help you to measure and compare the performance of different segments of your business.
How can I customize and modify the chart of accounts in BUSY?
Generally, the chart of accounts is automatically generated in BUSY based on the transactions you enter. To customize and modify the chart of accounts in BUSY, you can use the journal voucher for adjustment entries. Additionally, you can configure the final results, including the Balance Sheet and Profit and Loss, according to standard formats like Schedule VI or IFRS. To do this, follow the steps below
Step 1: Administration
Step 2: Configuration
Step 3: Final result configuration
Step 4: Balance sheet
Step 5: Add format
Step 6: Configure format
Step 7: Choose the required format i.e. standard or schedule VI or IFRS
Step 8: Specify the report title
Step 9: Specify the caption, level and value type, percentage etc
Step 10: Save
If you encounter any difficulties or need assistance, refer to BUSY's user manuals and YouTube channel or seek support from the centralised support desk at 8282828282.
How to fix incorrect balances reflecting in BUSY balance sheet
If you are facing an issue with the Balance Sheet's incorrect balance in BUSY, you can follow these steps to fix it:
Make sure to take backup of your data before make any changes.
Step 1: First you need to idenfity that which part of balance sheet is showing incorrect balance.
Step 2: Check the transactions that affect that account and make sure they are entered correctly in BUSY.
Step 3: Verify that the opening balance of that account is accurate in BUSY. If not, correct it as per your records.
Step 4: Go to the Housekeeping menu and run "Update Master Balances". Wait for the process to finish and check if the issue is resolved.
If you need any assistance you can reach out to us on our 24X7 helpline number: 8282828282 or 011 40964096. You can also email us your query at support@busy.in.
In balance sheet the debit and credit amount are not matching how to resolve this issue
If your balance sheet showing missmatch in Debit and credit side
then check is their showing any missmatch in opening balance or not
if showing missmatch in opening balance then follow the steps
1 go to display menu and click on final results then click to trial balance
and click on opening trial missmatch with previous year and check which
ledger showing the missmatch amount
2 then switch to previous financial year and go to house keeping menu
then run update master balance
3 then go to administration menu and click on change financial year option
4 then click on change financilal year from 01 04 of current year
and make yes for carry data
5 click on all master and start
6 let the carry forward data process finisha and then check
I need to generate final report for my accountant like balancesheet and profit and loss?
To chcek final results in BUSY follow these steps
Step 1 Go to display and then final results
Step 2 Select balance sheet ,horizontal or vertical
Step 3 Now select date range and other required options including profit & loss
Step 4 Now you can check your final balnce sheet and profit and loss balance
Step 5 You can also export this report after checking
Step 6 To export,use alt+E and export in required format and export on selected path
And for reports in BUSY for accountant,you can follow these steps
Step 1 Go to Display and then gst reports
Step 2 Now you can check gst returns or gst audit reports and can generate as per you need like gst returns,gst registers and gst audit reports
