Frequently Asked
Questions
Find Solutions to Common Issues Related to taxation - gst reports
The credit note I issued is adjusting against the wrong invoice. How can I link it to the correct invoice?
BUSY, you need to correctly record and report these credit notes. Here's a step-by-step guide to ensure their proper reflection:
Step 1: Create Credit Notes or sales return from transaction menu
Step 2 : Assign the appropriate tax rates to credit notes, especially if they involve GST.
Step 3: to adjust original invoice , showing adjustment window .
Step 4: Select adjustment invoice reference numbar and save the entry
Step 3 : Navigate to the Display section, and look for the GST Returns - GSTR-1 report.
Step 4 : Report based on the relevant tax period (usually a month or a quarter)
Step 5 : When you generate the GSTR-1 report, it should automatically include the credit notes Step 6: Carefully review the GSTR-1 report to ensure that the credit notes are accurately reflected in the report.
I want to match my GST report with my books of accounts. What is the process to do this seamlessly?
To match your GST report with your books of accounts seamlessly, you can follow these steps:
1. Generate the GST reports from your accounting software, such as GSTR-1, GSTR-2A, GSTR-3B, etc.
2. Export the necessary reports from your accounting software to Excel or any other compatible format.
3. Compare the data in the GST reports with the corresponding entries in your books of accounts.
4. Check for any discrepancies or differences in the values, such as sales figures, purchase amounts, input tax credit, etc.
5. Identify the reasons for the discrepancies, such as missing entries, incorrect tax rates, or any other errors in recording transactions.
6. Make the necessary adjustments in your books of accounts to match the values in the GST reports. This may involve correcting entries, adding missing transactions, or adjusting tax amounts.
I want to upload the GST data file to the portal directly from the accounting software. What is the process to do this?
Steps to upload GSTR1 direct on Gst portal.
Step 1: Go to administration menu and select configuration option.
Step 2: In configuration option select feature and option and click on GST/VAT tab.
Step 3: In GST/VAT tab mention GSTIN and Gst portal username and click on save button.
Step 4: Open your browser and type gst.gov.in and login Gst portal with your credentials.
Step 5: On the top-right corner, click on My Profile.
Step 6: Click on Manage API Access.
Step 7: Choose Yes under Enable API Request and Under Duration, choose 30 days.
Step 8: Click on Confirm.
Step 9: Go to display option in BUSY and select gst reports from it.
Step 10: Then select Gst returns and select GSTR1 e- Return.
Step 11: In the next window select direct upload option to upload GSTR1 on gst portal.
I am trying to get the GST report with invoice-wise, party-wise, HSN-wise details but unable to generate it. What should I do?
To generate a GST report with detailed invoice, party, and HSN information, follow these steps:
Step 1: Launch BUSY GST Software.
Step 2: Go to the Display menu.
Step 3: Select GST Reports.
Step 4: Choose GST Summary from the available options.
Step 5: Within the GST Summary report, you will find options for various sales reports, including Item Wise Sales Summary, Party Wise Sales Summary, and Sale Type Wise Sales Summary.
Step 6: Select the relevant sub-report based on your requirements. For a 5% GST summary, you might choose Item Wise Sales Summary or another appropriate option that provides the bifurcation of tax rates.
Step 7: In this selected report, you will find the bifurcation of sales data based on different tax rates, including the 5% GST summary.
Step 8: Click Print to generate a hard copy of the report.
How do I extract all tax and quantity information across multiple bills from BUSY?
To get item-wise transaction details with tax and quantity information from BUSY follow these steps:
Step 1: Launch BUSY GST Software.
Step 2: Go to the Display menu.
Step 3: Select GST Reports.
Step 4: Choose GST Summary from the available options.
Step 5: Within the GST Summary report, you will find options for various sales reports, including Item Wise Sales Summary, Party Wise Sales Summary, and Sale Type Wise Sales Summary.
Step 6: Select the relevant sub-report based on your requirements. For a 5% GST summary, you might choose Item Wise Sales Summary or another appropriate option that provides the bifurcation of tax rates.
Step 7: In this selected report, you will find the bifurcation of sales data based on different tax rates, including the 5% GST summary.
Step 8: Click Print to generate a hard copy of the report.
In GST summary, GST ledger and balance tax payable amount is showing mismatch.
In GST summary, GST ledger and balance tax payable amount is showing mismatch follow the below steps:
Step 1:- Have to open the GST summary report in Short range.
Step 2:- After that have to find a day where the mismatch has started.
Step 3:-Need to check the difference amount of both Ledger and Balance tax payable.
Step 4: Then have to check each entry with the same amount. By on entering the same location and there must be some entries where we did below mentioned mistakes:-
We did not tag the GST account in Bill sundry master, which has been charged in voucher.
In sale/Purchase type skip in GST Report is enabled.
If it is a purchase voucher, we may select ITC eligibility as ineligible ITC.
Last month we have payable amount and we did not paid the amount. Then we have to pass the payment entry.
Why are different shows being done under GST only?
Managing taxes like GST in BUSY, please follow below steps:
1. GST Invoicing: You can create GST invoices with all the necessary details, such as GSTIN, invoice number, date, tax rate, etc.
2. GST Summary:The software automatically calculates your tax liability and input tax credit based on your transactions.
3. GST Reconciliation: You can reconcile your GSTR-2A/2B data with your purchase data and identify any mismatches or errors. You ca also reconcile your self filed data of GSTR1 & GSTR3B.
4. GST Reports: You can access various GST reports using BUSY Accounting Software, such as GSTR-1, GSTR-2, GSTR-3B, GSTR-4, GSTR-9, etc. You can also view and analyze your GST data in different ways, such as by party, item, tax rate wise, etc.
5. GST Returns: You can generate and file your GST returns online using BUSY Accounting Software such as GSTR-1, GSTR-3B, GSTR-4 & GSTR-ITC-04.
Why is the software not picking up my tax payments automatically?
The software may not automatically capture your tax payment entry if the input balance persists after the GST adjustment entry, which is then carried forward to the next month. Furthermore, you can review the following steps for the GST adjustment entry process:
Step 1: Go to Display section then click on GST Reports and then select GST summaries option.
Step 2: Now choose GST summary then specify the date range of the particular month and open the report.
Step 3: You can press F4 key on GST Summary to post various GST Adjustment & GST Payment voucher. On pressing the F4 key, a message box appears in which you are required to select the option for adjusting your input and output taxes and then cross adjustments after that you can pass payment entry if output is available.
I want to analyze my GST records over time in BUSY. Is there a reporting feature or dashboard where I can view this historical data?
Some of the features of BUSY for GST are:
1. GST Invoicing: You can create GST invoices with all the necessary details, such as GSTIN, invoice number, date, tax rate, etc.
2. GST Summary:The software automatically calculates your tax liability and input tax credit based on your transactions.
3. GST Reconciliation: You can reconcile your GSTR-2A/2B data with your purchase data and identify any mismatches or errors. You ca also reconcile your self filed data of GSTR1 & GSTR3B.
4. GST Reports: You can access various GST reports using BUSY, such as GSTR-1, GSTR-2, GSTR-3B, GSTR-4, GSTR-9, etc. You can also view and analyze your GST data in different ways, such as by party, item, tax rate wise, etc.
5. GST Returns: You can generate and file your GST returns online using BUSY such as GSTR-1, GSTR-3B, GSTR-4 & GSTR-ITC-04.
I'm trying to understand how GST is handled in BUSY. Can you explain how GST liability is calculated and recorded based on purchases and sales?
Some of the features of BUSY for GST are:
1. GST Invoicing: You can create GST invoices with all the necessary details, such as GSTIN, invoice number, date, tax rate, etc.
2. GST Summary:The software automatically calculates your tax liability and input tax credit based on your transactions.
3. GST Reconciliation: You can reconcile your GSTR-2A/2B data with your purchase data and identify any mismatches or errors. You ca also reconcile your self filed data of GSTR1 & GSTR3B.
4. GST Reports: You can access various GST reports using BUSY, such as GSTR-1, GSTR-2, GSTR-3B, GSTR-4, GSTR-9, etc. You can also view and analyze your GST data in different ways, such as by party, item, tax rate wise, etc.
5. GST Returns: You can generate and file your GST returns online using BUSY such as GSTR-1, GSTR-3B, GSTR-4 & GSTR-ITC-04.
