Frequently Asked
Questions
Find Solutions to Common Issues Related to final-results - profit and loss account
I am trying to generate a profit and loss statement in BUSY but it is showing $ revenue. My sales are recorded properly. Why is revenue not showing on the P&L report?
If you are trying to generate a profit and loss statement and it is showing 0 revenue
even you have recorded sales properly then please follow the given steps
Step 1: Make sure you have taged sale account in the sale type.
Step 2: Make sure you have not specify other accoun instead of sale account in
item master.
Step 3: Make sure are opening the report with correct date range where in you
have transaction related to sale.
Step 4: If on enter sale you have transaction whereas on opening report showing
zero then backup of the company then you need to go to housekeeping
menu then update master balance.
I want the profit and loss statement to show only taxable amount under sales. How can I remove additional taxes like cess from the sales amount?
If you want to show taxable amount as per gst data in profit and loss under sales, then check the below points:
1.If you apply any charges before tax, ensure that the amount is included in the sales ledger.
2.If you apply any charges after tax, the amount should not be included in the sales ledger. Instead, a specific account for charges should be tagged in the particular bill sundry.
3.If any other account is tagged in the item master, the taxable value of that item will be reflected in the GST report. However, the amount will show in the ledger of the tagged account, not in the sales ledger.
How can we resolve the runtime error-6 overflow issue when changing the financial year
To resolve the Run time error-6 overflow issue when changing the financial year, follow these steps:
1.If you use the bill-by-bill reference option and haven't adjusted pending references in receipt or payment vouchers due to an excess of references, errors may occur when changing financial years.
2.Manually adjust all pending references for the specific party. Alternatively, perform a bulk adjustment.
3.Before making changes, take a backup of your data for safety.
4.Access the administration section.
5.Select utilities.
6.In the reference management section, select Clear Reference or Auto Adjust Reference based on your preference.
7.After adjustments, carry forward the balance to the next year.
Following these steps will help you fix the Run time error-6 overflow issue during the financial year change.
My profit and loss statement shows an unexpected difference compared to my sales figures. What could be the reason for this discrepancy?
There could be several reasons why the profit and loss statement differs from the sale figures
in BUSY to solve the issue follow the steps
1 If you sold services then that will not reflect on item wise profit and loss report otherwise
if you sold any item which is tagged with differnt account without sales then that will differ the Profit
and loss report
2 If you made incorrect entries in BUSY like expense sale purchase etc then that will reflect the Profit
and loss statement
3 Improper ledger tagging of account master may differ the Profit and loss statement
I did bulk updates in sales vouchers and regenerated vouchers. But P&L and GST mismatch still persists. Please guide.
If you are facing issue related to P&L and GST mismatch please follow this steps to get this resolved:
Step 1: Take the backup of your data then Go to House-keeping menu
Step 2: Then run update master balance in your data
Step 3: If same issue persist then run update voucher gst summary from the same menu
Step 4: If you face same issue then check the P&L and GST reports in short date range and try to find the date from where mismatch occurs
Step 5: Afterwards check the mistakes and try to solve it accordingly
Step 6: If you are using old release kindly update it to latest version
Why can't I customize the financial reports and statements in BUSY? I need to modify them to match my business needs.
To check profit and losst statement in BUSY , you follow rhe below steps:
Step 1: Go to display then select final result and click on profit and loss
Step 2: Open profit and loss by selecting date range and check the values
Step 3: Then check group wise balance if mismatch check by on enter account wise
Step 4: Check all transaction value and accunt mention in them.
Note: If balances are showing on enter mismatch then after backup go to house keeping , then update master balances .
By following these steps you will be able to check Profit and loss statement and correct any discrepancy in BUSY.
I am trying to run a profit and loss report in BUSY but it is showing a negative profit number that doesn't seem right. What could cause the profit and loss report to show an incorrect profit amount?
To check the profit and loss report in BUSY but it is showing a negative profit number that doesn't seem right, you need to cause the profit and loss report with the below steps:
1. For this to check your opening stock amount, purchase amount, expenses (direct or MFG) amount on the debit side, and also check the closing stock amount, sale amount, and income (direct or opr) amount on the credit side, it will show as per your accounting transaction effect.
2. Run the update master balances from the housekeeping option.
By following the above steps, you will find the cause of the negative profit number.
How can I generate branch-wise profit and loss statements in BUSY?
If you want to generate Branch-wise Profit & Loss, 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: If you are logged in with a branch user, select the Profit & Loss A/c and specify the date range. You will see the report for that period.
Step 3: If you are logged in with a Super / Admin user, select the Profit & Loss A/c and then choose the branch filter. You can select all branches or a single branch and view the report.
How can I generate separate profit and loss statements for each branch?
If you want to generate Branch-wise Profit & Loss, 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: If you are logged in with a branch user, select the Profit & Loss A/c and specify the date range. You will see the report for that period.
If you are logged in with a Super / Admin user, select the Profit & Loss A/c and then choose the branch filter. You can select all branches or a single branch and view the report.
can I generate a profit and loss statement in BUSY?
You can generate a profit and loss statement in BUSY you can follow these steps:
Step 1:Open the BUSY Accounitng Software on your system.
Step 2:Open the selected Company.
Step 3:Go to Display Menu,
Step 4:select Final result,
Step 5:Select Profit and loss,
Step 6:Here,you can check horizontal,vertical, monthly profit and loss summary,and detailed monthly reports.
Step 7:Open the report which you want see,select start date and end date,if you want to see second level details in Profit and loss, so you can specify Y. Then Open
and view your Profit and loss.
