Frequently Asked
Questions
Find Solutions to Common Issues Related to final-results - profit and loss account
In P&L Profit showing Invalid, How to fix this?
Issue 1: Mismatched Summary Balance:
Solution: Update the main balance from housekeeping.
Issue 2: The initial balance in the stock account is incorrect.
Solution: If it's the beginning of the financial year, adjust the opening balance in the stock account. If not, go back to the last financial year, update...
How do I show discounts as an indirect expense in my profit and loss statement?
To show disccount in profit and loss statement follow below steps:
Step 1: Go to administration then go to master
Step 2: Go to accounts menu and click on modify and open discount account
Step 3: In discount account group should be indirect expense
If you charge discount in bill sundry you have to tag discount account anf for tag follow below steps:
Step 1: Go to administration then go to master menu
Step 2: Now go to bill sundry option and click on modify and open discount bill sundry
Step 3: In bill sundry adjust in sale or purchase amount mention N and take specify account here
Step 4: In account head to post tag discount account and save bill sundry
If you charge discount as item wise follow below steps:
Step 1: Go to administration then go in master
Step 2: Then go to miscellaneous master then go in discount structure
Step 3: Click on modify and choose discount structure
Step 4: Mention Y in account posting other then sale purchase and tag discount account in account head to post
The totals on my profit and loss statement seem incorrect. How can I troubleshoot and correct any errors?
To troubleshoot and correct errors in your profit and loss statement totals, you can follow these steps:
Step 1 : Review your income and expense entries: Check if all transactions are accurately recorded and categorized in the correct accounts.
Step 2 : Verify opening and closing balances: Ensure that the opening and closing balances for each account are correct.
Step 3 : Check for duplicate entries: Look for any duplicate entries that may be inflating or reducing your totals.
Step 4 : Reconcile bank and cash accounts: Make sure that your bank and cash account balances match with your statement.
Step 5 : Verify calculations: Double-check all calculations and formulas used in your profit and loss statement.
Step 6 : Review inventory valuation: If you have inventory, ensure that it is valued correctly and that any adjustments are accurately reflected.
Step 7 : Seek professional assistance: If you are unable to identify and correct the errors, consider consulting with an accountant or financial professional for further guidance.
How can we resolve the issue when Salesman Wise Sales and P&L Sales are not matching ?
To resolve the issue when Salesman Wise Sales and P&L Sales are not matching, follow the steps below:
1.Check if the Bill Sundry Effect on Cost is set properly for all bill sundries.
2.Navigate to the administration section and open the masters option.
3.Choose the modiFinancial Year option and identiFinancial Year the bill sundry causing the issue in cost.
4.For example, in Freight & Forwarding Charges, disable the Affect the cost of goods in sale option by setting it to No, and save the changes. Apply the same modification to other relevant bill sundries.
5.To observe the effect, go to the housekeeping option, select dual vouchers, and proceed by using the latest backup. Note Ensure to take a data backup before proceeding.
6.Select the specific bill sundry, such as Freight & Forwarding Charges.
7.Choose the voucher for regeneration, speciFinancial Yearing the sales voucher.
8.Press OK to proceed. Note that this process may take some time, especially if there are numerous vouchers.
These steps aim to address the discrepancy between Salesman Wise Sales and P&L Sales.
The invoice totals in Profit and loss are not tallying with the Gst totals in BUSY. What should I check to fix this mismatch?
If invoice value not tallying Profit and Loss with gst totals in BUSY,you can these things:
Step 1: Check mismatch in short range such as monthly, or weekly etc.
Step 2: You can check mis match also in display,click Gst reports,click Gst audit reports,click reconcile Accounts&GST.
Step 3: When you find the mis matching range for certain bills then open and check the bill sundry tagging,
Step 4: Please check in the bill sundry you have added any discount or other bill sundry after the tax apply or before tax.
Step 5: Open your bill sundry in modify mode press ALT + M,you will need to check here whether you have tagged any account or not.
Step 6: Please check which account the bill sundry is being impacted in by tagging,please modify the tagging accordingly.
Step 7: Then re save the voucher,it will be resolve.
If you are still facing any issue then you can share your concern at our mail id support@busy.in.
I think the profitability report in BUSY is showing the wrong numbers. How can I troubleshoot this?
To troubleshoot the profitability report in BUSY follow the steps
1 go to display menu and click on check list
2 click on profitibility reports then click on reconcile item wise gross profit
3 select as on date and enter
4 here you will get the reson of missmatching amount in profit select each one by one and modify
5 click on items with negative stock and you will get that the voucher you generated is with negative
stock so generate stock on that date to increase stock level and for removing missmatch
select item with dont maintain stock balance means the items you have mentioned in voucher have
not enabled the stock maintaining option if its a service product then its fine but for goods it should be
disabled at item level
If difference in opening stock balance as per stock account and opening stock status then it could be
missmatch so also rectify it
How do I generate a Profit and Loss statement in BUSY?.
To generate a Profit and Loss statement in BUSY, you can follow these steps:
Step 1: Go to Display Menu and Click on Final Results.
Step 2: Under Final Results Click on Profit & Loss A/c.
Step 3: Choose the presentation format, either Horizontal with Standard or Vertical with Standard.
Step 4: If you want to generate Profit & Loss A/c. report with Horizontal with Standard format option.
Step 5: Select the desired date range for the Profit & Loss A/c. report.
Step 6: Select other option as you required and click on OK.
Step 7: The statement will be displayed on the screen, showing the income, expenses, and net profit or loss for the selected period.
Step 8: You can also choose to export or print the statement for further analysis or sharing.
I want to see the total monthly income for my business but I'm unable to find it. Where can I access the monthly income report?
You can check total monthly income in two reports
1) P & L Summary (Monthly) 2) Income & Expenditure A/c
Report 1 ) P & L Summary (Monthly):
Step 1:Go to Display Menu.
Step 2:Click on Final Results.
Step 3:Select Profit & Loss A/C option.
Step 4:Choose P & L Summary (Monthly) under Profit & Loss A/C.
Step 5:Optionally, click yes to show detailed Profit & Loss summary.
Step 6:Click OK to generate the report.
Step 7:The report will display Income (direct and indirect), and net profit.
Report 2 ) Income & Expenditure A/c:
Step 1: To generate the Income & Expenditure A/c report, go back to the Display Menu.
Step 2:Click on Final Results again.
Step 3: Select Income & Expenditure A/c option.
Step 4: Choose the date range and required options.
Step 5: Click OK to generate the report.
Step 6: The report will include indirect/admin expenses and indirect income.
How to record vendor payments, generate financial statements in BUSY?
If you want to view Financial Statements in BUSY, you can follow these steps:
Step 1: Open BUSY and choose the company you want to work with. Then, go to the Display tab and click on Final Results.
Step 2: Choose the Profit & Loss A/c, Balance sheet, etc option and specify the date range. You will see a report of that period.
If you want to record payment done to vendor in BUSY, you can follow these steps:
Step 1: Open BUSY and select the company you want to work with. Then, go to the Transactions menu.
Step 2: Choose the Payment voucher and click on Add.
Step 3: Fill in the necessary details such as Date, Voucher no., Account, Amount, etc, and save.
How can I transfer Profit or loss to the capital account and how it impact in current year in BUSY?
If you want to transfer the Profit or loss of the previous year to the current year below are the steps to do it:-
Step1: First Go to the Previous year then Navigate to the transaction menu and click on Journal voucher.
Step2: Click on the Add option then Define Gst Nature as Not applicable and there pass an Entry in which Debit or Credit to profit or loss account depends upon what you have and Credit or Debit to Capital account.
Step3: After that Go to the Administration menu click on the change financial year option and come in current year with carry forward balances yes with new and change master.
This effect will also come accordingly in the current year.
