Frequently Asked
Questions
Find Solutions to Common Issues Related to taxation - gst reports
How do I adjust excess GST paid while purchasing in my next GST return filing in BUSY software?
In order to adjust excess GST paid in the previous month, you need to pass a Journal entry for adjustment. However, before doing so, you must first create a cross-adjustment entry through the GST Summary of the particular month in which you want to adjust your excess GST amount. This will allow you to determine the actual GST payable for that month.
Once the cross-adjustment entry is done, you can pass a separate Journal entry to reduce the GST payable amount of that particular month. To do this, you can create an account master with the name "excess GST paid" and define the group as either a current asset or advance. You can then mention the excess GST amount as the opening balance in that account master for the next month.
To pass the Journal entry, debit the "excess GST paid" account and credit the GST payable account of that particular month. This will help you find the net GST payable amount for that month after adjusting your excess GST paid amount.
It is important to note that for such entries, it is recommended to contact a CA or an accountant.
My Gstr internal reports show a different number of bills compared to the portal. How can I fix this?
To fix the issue of your gstr 1 internal reports showing a different number of bills compared to the portal, you can try the following steps:
1. Make sure you are comparing the correct reports. Check if you are looking at the bills from the GST portal and not from any other source.
2. Verify if all the bills are being uploaded to the GST portal. Only invoice and e-way bills should be uploaded to the portal, while other vouchers are filed in the GST R1 return.
3. Download the JSON file from the GST portal and compare it with your internal reports. check for any differences
4. If there are any differences between the data in your internal reports and the JSON file, the BUSY software should highlight them in a different color.
5. If the issue persists, you can try using the "Compare Sales GST R1 and GST R3B" option in the reconcile section of BUSY. This option allows you to compare the data and identify any inconsistencies.
If these steps do not resolve the issue, it is recommended to contact BUSY customer support for further assistance.
The reports I generate in BUSY are showing incorrect or irrelevant data. Some transactions seem to be missing while some unknown transactions are showing up. What could be the reason and how can I fix this?
If reports like accouting or gst reports showing incorrect data or not as per records,you can these points
1. Review the entries made in the BUSY to ensure that there are no mistakes or incorrect values entered.
2. Make sure that the transactions are correctly categorized and mapped to the appropriate accounts.Check billing party is selected proerly according to the transactions
3. Check if there are any duplicate entries that might be affecting the balances. Remove any duplicates to see if it resolves the issue.
4. Review the opening balances for each account to ensure they are entered correctly or any changes made in previous year may affect opening balance in current financial year
5. Check all item entries are correclty done and if there is any tagging in it affect that account is correct and also can reapply item in voucher if made any changes
6. Check all over amount including tax amounts in vouchers is correct
7. Also after backup,you can update master balances or update gst summary for gst reports from hoousekeeping if needed or regenrate dual vouchers for masters,if any changes made after voucher entries
What analytics and business insights are available in BUSY?
BUSY provides various analytics and business insights to help you monitor and improve your business performance.
1. Financial Reports: Standard financial statements like balance sheets, profit and loss, cash flow, and trial balances offer a snapshot or giving a clear picture of your company's financial health and standing at any given time of your business's financial status.
2. Custom Reports: Tailor-made reports allow you to focus on specific metrics or aspects of your business for in-depth analysis.
3. Inventory Analysis: Track stock movement, turnover rates, reorder levels, and valuation reports to optimize inventory management.
4. Sales & Revenue Analysis: Understand sales trends, revenue streams, product or service performance, and customer segmentation for informed sales strategies.
5. Expense Tracking: Analyze spending patterns, costs by category, and identify areas for cost-saving.
6. Tax & Compliance: Insights into tax liabilities, compliance reports, and tax filing documents streamline financial compliance.
7. Dashboard & Visuals: Visual representations on dashboards offer a quick overview of essential business metrics.
Cash Flow Management: Monitor cash flow, forecast future positions, and ensure financial stability.
8. Budgeting & Forecasting: Create budgets, forecast future performance, and compare actuals against projections.
I need to add columns for Quantity and Rate in the GST Sales Register report in BUSY. How can I do this?
If you want quantity and rate fields in GST sales under gst reports,you can open and then add custom column for quantity and rate fields as available by selecting coloumn number and heading in custom coloumns and also you must have stanrard or enterprise model to add custom column and user right to add columns in reports.
When you will open sales register in gst registers,On top right select custom columns,then follow these steps
Step 1 add format name for custom column and then add new columns
Step 2 Mention heading for columns like quantuty or rate,then position,data type,alighnment and amount details if data type is numeric
Step 3 Now in data field,select category like master,or accounting or inventory voucher header or body and then click on fields and fields for data will be loaded
Step 4 Now select quantity or rate fields from the list and then save the changes
Step 5 Now again open sale register from gst registers,select format name you have added and then date range and then load report
Step 6 Now you can check column quantity and rates will be shown in report
I am unable to understand the GST reports generated in BUSY. Can you explain what the different values mean?
Here's an explanation of the key values and terms typically found in GST reports:
Step 1: GSTIN (Goods and Services Tax Identification Number):This is your unique GST identification number. Step 2: Taxable Value:The total value of goods or services on which GST is applicable. Step 3: CGST (Central Goods and Services Tax):The Central GST is a tax component collected by the Central Government.
Step 4: SGST (State Goods and Services Tax):The State GST is a tax component collected by the State Government.
step 5:IGST (Integrated Goods and Services Tax):The Integrated GST is applicable to the supply of goods and services between different states or union territories
Step 6: CESS (Cess):Cess is an additional tax levied on certain goods and services. Step 7: Reverse Charge Mechanism
Step 8: Exempted Supplies:Supplies of goods or services that are not subject to GST
Step 9: Non-GST Supplies:Some supplies may be outside the purview of GST.
Step 10: Zero Rated Supplies:Supplies that are taxable at a GST rate of 0% are classified as zero-rated supplies.
Step 11: Nil Rated Supplies:Nil-rated supplies are those on which GST is applicable at a rate of 0%
I need help understanding how to post and report GST taxes using BUSY. What do I need to know?
To post and report GST taxes using BUSY, you need to understand the following:
1. Configure GST Settings: Set up your GST-related settings in BUSY, including tax rates, tax codes, and HSN codes.
2. Record Purchase and Sales Entries: Enter purchase and sales invoices accurately, ensuring that the GST rates and tax codes are correctly assigned.
3. Generate GST Reports: GST reports to analyze and track your GST transactions. These reports provide details such as tax liability, input tax credit, and tax payments.
4. Reconcile GST Entries: Regularly reconcile your GST entries with the GST portal data to ensure accuracy and compliance.
5. File GST Returns: Use BUSY to generate and file your GST returns, such as GSTR-1, GSTR-3B, and GSTR-9.
6. Understand Input Tax Credit: Learn how to claim input tax credit on eligible purchases and utilize it to offset your GST liability.
7. Stay Updated: Keep yourself informed about any changes in GST rules and regulations to ensure compliance with the latest requirements.
It is recommended to refer to the BUSY documentation or consult their customer support for detailed instructions specific to your business needs."
How to generate GST return in BUSY if my annual turnover is less than Rs lakh?
To generate GST return in BUSY, if you annual turnover is less than Rs 1 lakh, you need to follow the below steps:
Step 1: Check BUSY latest version and Release.
Step 2: Take Backup and Go to House - Keeping Menu, Click on Update Master Balances and Run update master balances & update voucher GST Summary.
Step 3: Go to Display Menu, Click on GST Reports option, Click on GSTR-1 GSTR-3B and select required options Starting date & Ending date, Click on OK
Step 4: Verify GST Configuration Settings.
Step 5: Cross-Check Input Data. Double-check the data entered for GST transactions. Ensure that all relevant details are accurately recorded to reflect in the GSTR-3B report.
Step 6: Select GST Returns and choose the return options the you want to generate such as GSTR-1 eReturn, GSTR-3B eReturn, etc.
Step 7: Select Report to be generated options such as Direct Upload, JSON, CSV File, etc.( Direct Upload option is currently available for GSTR-1 only).
Step 8: Enter the period and can generate GST Returns according to the option selected.
The cross entries I made for GST are not balancing out. The system is still showing separate values instead of netting them off. Please advise.
If Net amount is not coming in GST Summary then,you can follow some steps:
Step 1: It is recommended to first take backup of your Data.
Step 2: Now check the input-output adjustment and cross-adjustment in GST otherwise you can delete those entry that you have entered.
Step 3: Now you can check your balance tax payble and ledger balance of all tax type in GST Summary.If balance tax payble and ledger balance are not mismatch with each other then check in short range with disable option New set off rule 2019 in GST Summmary while you select period.
Step 4: After match balance tax payble and ledger balance,you have to adjust input output and then cross adjustment by press short key F4 in GST Summary
Step 5: After adjustment if output remain in GST summary then you need to transfer remaining Output tax in GST Payable ledger if you do not pay for that month.
Step 6: Also, ensure that the suggested entries are already there in the account. Monthly adjustments are better than yearly adjustments.
I want to know how to enter taxes in BUSY that I have to show on GST portal but cannot take input credit for. What should I do?
the process of GST and IGST tax that you want to show on GST portal but don't want to take input credit in BUSY then follow these steps
basically for that we have two options:
step 1: while entering purchase transaction you can select itc eligibility as section 17(5) ineligible ITC and then select all relevant deatils also BUSY auto calculate GST in transaction there is no need to calculate it manually .
or you can go with other option
step 1: go to the GST misc. utilities under transaction menu
step 2: then click on monthly ITC tagging as per GSTR2a or 2B
step 3: select tagging type party wise or date wise
step 4: then mentioned start and end months, also there is other option you can select relevant deatils as per you required.
step 5: after open report you can see all the transactions
step 6: press F4 on particular transactions , ITC claim status screen will be appeared , you can select status as not to be claimed and select period of return
