Frequently Asked
Questions
Find Solutions to Common Issues Related to taxation - gst rcm advance tax
How are RCM invoice values accounted for in BUSY? Is there something I need to check?
Please follow the given below steps to do the reverse charge mechanism (RCM) entry with proper configuration:
Step 1: Go to transactions menu
Step 2: Then click on purchase,payment and journal etc as required to do rcm expense entry
Step 3: Then do the entry
Step 4: In case of purchase voucher purchase type should be selected as Local-RCM / UnReg and reverse charge should be selected as compulsory
Step 5: In case if you are doing RCM expense entry through journal or payment voucher make sure GST nature should be selected as RCM expense and in expense master gst type should be selected as GST applicable and RCM nature should be selected as compulsory
Step 6: After doing the entry go to the transactions menu
Step 7: Then click on GST miscellaneous utilities
Step 8: Afterwards click on check/post consolidated RCM payable
Step 9: Then open the report
Step 10: Afterwards press the shortcut key F4 to post consolidate rcm payable voucher
Step 11: After that it will generate consolidate rcm payable voucher automatically after that save the voucher"
What is the right sequence of entries for reverse charge mechanism in BUSY?
Please follow the given below steps to do the reverse charge mechanism entry sequence wise:
Step 1: Go to transactions menu
Step 2: Then click on purchase,payment and journal etc as required to do rcm expense entry
Step 3: Then do the entry
Step 4: In case of purchase voucher purchase type should be selected as Local-RCM / UnReg and reverse charge should be selected as compulsory
Step 5: In case if you are doing RCM expense entry through journal or payment voucher make sure GST nature should be selected as RCM expense and in expense master gst type should be selected as GST applicable and RCM nature should be selected as compulsory
Step 6: After doing the entry go to the transactions menu
Step 7: Then click on GST miscellaneous utilities
Step 8: Afterwards click on check/post consolidated RCM payable
Step 9: Then open the report
Step 10: Afterwards press the shortcut key F4 to post consolidate rcm payable voucher
Step 11: After that it will generate consolidate rcm payable voucher automatically after that save the voucher
How to Delete the voucher upload through app?
To delete the voucher upload through BUSY Mobile App follow the steps : Step 1: Access Administration Menu: Navigate to the Administration Menu in BUSY.
Step 2: Go to Users: Click on the Users option in the Administration Menu.
Step 3: Select Cloud Sync Users: Under Users, choose Cloud Sync Users.
Step 4: ModiFinancial Year BUSY Mobile App User: Click on the ModiFinancial Year option and select the BUSY Mobile App user.
Step 5: Untag Sales Option: In the transaction section, untag or untick the sales option for the BUSY Mobile App user. Save Changes: Click on Save to apply the changes.
Step 6: Delete Single Sale Voucher: Navigate to Transactions. ModiFinancial Year Sales Voucher: Under Sales Voucher, click on ModiFinancial Year.
Step 7: Select BUSY Mobile App Voucher Series: Choose the BUSY Mobile App voucher series and enter the voucher details (date, etc.) that you want to modiFinancial Year or delete. Click OK.
Step 8: Delete Voucher: After modiFinancial Yearing the voucher, use F8 or manually click on the delete option.
I am unable to see the consolidated CGST, SGST and IGST in BUSY after recording RCM transactions. What should I do to view it correctly?
Create RCM Payable Voucher one have to use Check/Post Consolidated RCM Payable/To Check/Post Consolidated RCM Payable follow below Steps.
Step 1: Click on Transaction
Step 2: Click on GST Misc. Utilities
Step 3: Click on Check/Post Consolidated RCM Payable
Step 4: Select Either Monthly Basis or Daily Dasis in which one wants to Create the Vocuher.
Step 5: Select required Details as asked
Step 6: Click on OK (F2)
Step 7: Press F4 to Post 'Consolidated RCM Payable' Voucher
Step 8: Select the Series in which one wants to Post the Voucher
Step 9: Specify Date in which one wants to Post the Voucher
Step 10: Click on Save
Step 11: Click on YEN when asked
Step 12: Click on Save
Step 13: Specify Required Details
Step 14: Click on Save
Step 15: Click on Save when asked
How to handle reverse charge mechanism in GSTR reports?
If you want to handle reverse charge mechanism in GSTR report then please
follow the given steps
Step 1: You have to enter purchase with the sale type of RCM and Revese charge
must be selected as Compusory.
Step 2: If you record RCM entry through journal voucher then in the master of expense
RCM nature must be set as compulsary then and GST nature must selected
as RCM expense.
Step 3: Then for the pass the entry of consolidate you need to go to transaction then
GST misc. utilities. then post consolidated RCM payable.
Step 4: Then monthly basis and month in which RCM voucher falls. then here a
report of all RCM voucher will be shown then for post RCM consolidate
press F4. then save the voucher of consolidate.
Step 5: After the entry of the consolidate your RCM entry will be reflect in your GST
report.
I am unable to see the reverse charge entry in my GSTR filing even though I have entered it in my purchases. What should I do to reflect this in my GSTR ?
Here's what you can do to reflect reverse charge entries in your GSTR-1, please follow steps :
Step 1: Click on Transaction
Step 2: Click on GST Misc. Utilities
Step 3: Click on Check/Post Consolidated RCM Payable
Step 4: Select Either Monthly Basis or Daily Dasis in which one wants to Create the Vocuher.
Step 5: Select required Details as asked
Step 6: Click on OK (F2)
Step 7: Press F4 to Post 'Consolidated RCM Payable' Voucher
Step 8: Select the Series in which one wants to Post the Voucher
Step 9: Specify Date in which one wants to Post the Voucher
Step 10: Click on Save
Step 11: Click on YEN when asked
Step 12: Click on Save
Step 13: Specify Required Details
Step 14: Click on Save
Step 15: Click on Save when asked
Step 16: Click on Yes/No as Required
I am unable to see the RCM amount in my GSTR filing though it shows in my books and GSTR B filing. How can I get it to show in my GSTR ?
Here's what you can do to reflect reverse charge amounts in your GSTR-1, please follow steps :
Step 1: Click on Transaction
Step 2: Click on GST Misc. Utilities
Step 3: Click on Check/Post Consolidated RCM Payable
Step 4: Select Either Monthly Basis or Daily Dasis in which one wants to Create the Vocuher.
Step 5: Select required Details as asked
Step 6: Click on OK (F2)
Step 7: Press F4 to Post 'Consolidated RCM Payable' Voucher
Step 8: Select the Series in which one wants to Post the Voucher
Step 9: Specify Date in which one wants to Post the Voucher
Step 10: Click on Save
Step 11: Click on YEN when asked
Step 12: Click on Save
Step 13: Specify Required Details
Step 14: Click on Save
Step 15: Click on Save when asked
Step 16: Click on Yes/No as Required
The RCM (Reverse Charge Mechanism) entry is not getting populated automatically in my account. What should I do to fix this?
The RCM (Reverse Charge Mechanism) entry is not getting populated automatically, please follow steps :
Step 1: Click on Transaction
Step 2: Click on GST Misc. Utilities
Step 3: Click on Check/Post Consolidated RCM Payable
Step 4: Select Either Monthly Basis or Daily Dasis in which one wants to Create the Vocuher.
Step 5: Select required Details as asked
Step 6: Click on OK (F2)
Step 7: Press F4 to Post 'Consolidated RCM Payable' Voucher
Step 8: Select the Series in which one wants to Post the Voucher
Step 9: Specify Date in which one wants to Post the Voucher
Step 10: Click on Save
Step 11: Click on YEN when asked
Step 12: Click on Save
Step 13: Specify Required Details
Step 14: Click on Save
Step 15: Click on Save when asked
Step 16: Click on Yes/No as Required
How to use an Advance receipt in a BUSY?
It is applicable when an advance amount is received from the customer before the date of supply of goods or services.
Step 1: Enable advance receipt from GST/VAT from Administration->Configuration->Feature and Options->GST/VAT.
Step 2: Enter the Receipt voucher with Gst Nature-Advance Receipt & create reference details with Tax rate inclusive in allocation of advance tax window.
Step 3: Enter the sale voucher of that customer & adjust the advance receipt reference with the same tax rate.
Step 4: Have to post an advance tax voucher from F4, If the sale voucher is not adjusted in the same month.
(Transaction>Gst Misc. Utilities>check/post tax on advance receipt>Press F4).
Step 5: If Sale voucher is not adjusted in any month & customer is asking for Refund, Then have to pass the payment voucher with Gst nature- Refund against advance receipt & Adjust it that pending receipt reference.
I want the RCM adjustment to happen automatically without any manual intervention. How can I configure that?
Here's a general process for adjusting input and output GST in BUSY:
Step 1: Open the GST Summary section
Step 2: While in the GST Summary, press the F4 key on your keyboard.
Step 3: Select Adjustment or Payment Option
Step 4: A message box will appear, allowing you to select the type of voucher you want to post.
Step 5 : The available options typically include RCM to regular tax Adjustment.
Step 6: Select this option when you need to make adjustments to your GST data.
Step 7: After selecting the voucher type, you'll be prompted to enter the necessary details. Step 8: Once you've entered the required information, save and post the voucher.
Step 9: This will update your GST ledger and balances based on the adjustments or payments made.
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