Frequently Asked
Questions
Find Solutions to Common Issues Related to taxation - gst reports
I entered the customer's GST number for a sale but it is still being categorized as BC. What should I do?
"If you specified the gst number of party but still it is showing in B2C follow these steps to solve it:
Step 1: Make sure you have selected type of dealer as Registered in party master and GST number is accurate
Step 2: If using billing/shipping details option in voucher ensure that gst report basis is as per party master or as per billing/shipping details select it as required
Step 3: If it is selected as billing/shipping details it means gst report will generate according to the billing/shipping window
Step 4: If it is selected as as per party master it means gst report will generate according to the party master specified by you in voucher
Step 5: Make sure all the details specified in voucher in all the fields is accurate "
Why is the balance summary showing wrong balances for my IGST and collateral accounts in BUSY software? How to resolve it?
There could be several reasons for this discrepancy. To resolve it, you can follow these steps:
Step 1: Review all the transaction entries in your BUSY software for IGST and collateral accounts.
Step 2: Double-check the calculations for IGST in your sales and purchase invoices. Step 3: Verify that the tax amounts are being calculated correctly.
Step 4 :Compare the transactions in BUSY with the source documents such as sales invoices, purchase invoices, and bank statements to ensure accuracy.
step 5: Check for Duplicate Entries
Step 6: Reconcile Bank Statements
Step 7 :Make sure the date ranges in your reports are accurate and match the period you're trying to reconcile.
Step 8: Review the audit trail and journal entries in BUSY to identify any errors or discrepancies that might be affecting the balances.
How can I cross-verify the tax liability shown in the B report generated by BUSY with my original purchase/sale details?
To Cross-verify the tax liability shown in the 3B report generated by BUSY with my original purchase/sale details, please follow steps :
Step 1: Once you are logged into the software, look for the Display menu.
Step 2: Within the Display menu, you should find a submenu or option related to GST Reports.
Step 3: Click on it to proceed.
Step 4: In the GST Reports section,Look for the option labeled GST Other Reports
Step 5: Look for the Tax Rate Wise Output Tax Report option, and click on it to access this specific report
Step 6: Review the Bifurcation of Tax Rate Wise Output Tax Data and Genate the report . Step 7: This report will display a breakdown or bifurcation of the output tax data based on tax rates
How can I get bill-wise reports for my BB and BC sales from BUSY?
To get bill-wise reports for your B2B and B2C sales from BUSY, follow these steps:
Step 1: Once you are logged into the software, look for the Display menu.
Step 2: Within the Display menu, you should find a submenu or option related to GST Reports.
Step 3: Click on it to proceed.
Step 4: In the GST Reports section,Look for the option labeled GST Registers
Step 5: Look for the Gst Sales register Report option, and click on it to access this specific report
Step 6: There is option to the open report Bill Wise / Item Wise / Combined .
Step 7: you can select as Bill wise option .
Step 8: This report will display a breakdown or bifurcation of the output tax data based on tax rates
How do I link GST payments made to the liability shown in the software?
To link GST payments made to the liability shown in the software, you need to follow these steps:
Step 1: Go to Display and then click on GST reports.
Step 2: Under GST reports click on GST summaries and then select GST summary.
Step 3: Select the date range for making gst adjustment entries.
Step 4: Press F4 and make entry for the GST adjustment entry further for liability payment have to enter GST payable entry.
Step 5: Then click on regular GST payment and select the voucher type as Journal, account debit will auto shown and select the account to be credited as GST payable account which should be made under group current liabilities.
Step 6: The GST nature should be GST payment to government and entry will get auto post.
How can I filter the GST report in BUSY to only show BC sales?
To get bill-wise reports for your B2B and B2C sales from BUSY, follow these steps:
Step 1: Once you are logged into the software, look for the Display menu.
Step 2: Within the Display menu, you should find a submenu or option related to GST Reports.
Step 3: Click on it to proceed.
Step 4: In the GST Reports section,Look for the option labeled GST Registers
Step 5: Look for the Gst Sales register Report option, and click on it to access this specific report
Step 6: There is option to the open report Bill Wise / Item Wise / Combined .
Step 7: you can select as Bill wise option .
Step 8: This report will display a breakdown or bifurcation of the output tax data based on tax rates
I am unable to reconcile my GST return with my sales register. The sales amounts are different in GSTR and the profit & loss statement for the same period. How can I resolve this discrepancy?
Here's a step-by-step guide to help you resolve the discrepancy between GSTR1 and your profit & loss statement for the same period:
Step 1 : Start by carefully reviewing the GSTR1 return you filed for the relevant period.
Step 2: Ensure that you've accurately reported all sales transactions and their corresponding GST amounts.
Step 3: Confirm that all sales transactions are correctly recorded, and there are no missing or duplicate entries.
Step 4 : Verify that the GST liability on your profit & loss statement matches the total output tax reported in your GSTR1.
Step 5: Make sure that you have properly accounted for sales returns, discounts, and other adjustments in your sales register.
Step 6: Carefully compare the invoices and transaction details in your sales register with those in your GSTR1.
I want to reconcile my GSTR and profit & loss sales amounts for a particular month where there is a difference. How can I match the daily bills to find the cause of discrepancy?
Here's a step-by-step guide to help you resolve the discrepancy between GSTR1 and your profit & loss statement for the same period:
Step 1 : Start by carefully reviewing the GSTR1 return you filed for the relevant period.
Step 2: Ensure that you've accurately reported all sales transactions and their corresponding GST amounts.
Step 3: Confirm that all sales transactions are correctly recorded, and there are no missing or duplicate entries.
Step 4 : Verify that the GST liability on your profit & loss statement matches the total output tax reported in your GSTR1.
Step 5: Make sure that you have properly accounted for sales returns, discounts, and other adjustments in your sales register.
Step 6: Carefully compare the invoices and transaction details in your sales register with those in your GSTR1.
I am trying to view the sales register in BUSY but it is not showing bill-wise or item-wise details. How can I see the sales register with bill-wise and item-wise breakup?
To get bill-wise reports for your B2B and B2C sales from BUSY, follow these steps:
Step 1: Once you are logged into the software, look for the Display menu.
Step 2: Within the Display menu, you should find a submenu or option related to GST Reports.
Step 3: Click on it to proceed.
Step 4: In the GST Reports section,Look for the option labeled GST Registers
Step 5: Look for the Gst Sales register Report option, and click on it to access this specific report
Step 6: There is option to the open report Bill Wise / Item Wise / Combined .
Step 7: you can select as Bill wise option .
Step 8: This report will display a breakdown or bifurcation of the output tax data based on tax rates
What are the common reconciliation errors that can lead to incorrect GST liability, and how can I avoid them?
Common reconciliation errors and ways to avoid them include:
Step 1: Mismatch in GSTR-2A and GSTR-3B:
Step 2: Data entry mistakes such as errors, incorrect GSTINs, wrong invoice numbers, or incorrect tax rates can lead to incorrect GST liability.
Step 3: Reporting the same invoice or transaction multiple times can inflate your GST liability.
Step 4: Failure to report eligible invoices in your GSTR-3B can result in an understated ITC and higher GST liability.
Step 5: Late filing can lead to interest and penalty charges, increasing your GST liability.
Step 6: Incorrectly classifying products or services under the wrong GST rate can lead to discrepancies in GST liability.
Step 7: Failing to differentiate between exempt and non-exempt supplies can lead to incorrect GST liability.
Step 8: Failure to Account for Reverse Charges.
