Frequently Asked
Questions
Find Solutions to Common Issues Related to taxation - gst reports
How do I record imported goods purchase correctly in BUSY?
To implement complete Import purchase cycle in BUSY, first we need to create various masters which are required
at the time of entering vouchers.
Step 1: Create ‘I/GST-Import (Taxable)’ Purchase Type master
Step 2; Create ‘Import(Exempt)’ Purchase Type master for Exempt import
Step 3: Create a new Account ‘IGST Paid Against Import’ required for maintaining account for IGST paid against
imported goods
Step 4: Create following Bill Sundry masters Custom Duty
Step 5 : IGST (Import) – This Bill sundry is to be applied in Purchase voucher for IGST charged on goods imported.
Step 6: Others (Freight, Clearing, Shipping) – This Bill sundry is to be applied in Purchase voucher for other charges
Step 7: Create Dummy Party ‘Import Purchase
Step 8: Enter vouchers for multi-currency related transactions and additional expenses incurred
Step 9: Add Journal voucher for multi-currency related transaction.:
Step 10: Now enter Purchase voucher for the goods imported and tag the Bill Sundries respectively.
Step 11: Enter Payment voucher for payment of Custom duty and IGST amount
Step 12: You can view GSTR-2 (5A) Report for Import of Goods
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
I have two companies registered under GST but the software is showing issues when I try to file returns for both companies. What could be wrong?
If you are getting error while return file then the reason could be various
follow the steps to solved the issue
Step1 Open the specific company and open it
Step2 go to display menu and click on GST reports then click on GST returns
Step3 Click on GSTR1 ereturn and select the mode of return automatic or json
Step4 then select the period and click on Ok
Step 5Then click on Check error in transaction and if showing any invalid entry then
enter on it and modify the error could be invalid GSTIN or special character
Step6 Then click on chek error in hsn summary and enter on specific invalid hsn
then enter on it to modify if there is uqc error then click on Update Uqc
if showing invalid HSN then enter on transaction then click on item and modify HSN
if showing HSN should be numeric then remove the character or special characters from HSN
Step7 then click on check error in document summary and modify the entries then proceed with json or automatic
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 made some changes to purchase vouchers later. How can I reflect this in my GST reports?
To refelect made changes in purchase voucher in GST Reports You can run Update Voucher GST Summary but you need to follow some steps:
Step 1- Take the backup of your concern company.
Step 2- Open your company and go to house keeping
Step 3- After click on house keeping Click on the Update Voucher GST Summary.
Step 4- Click on the partial or can select full and run the process.
If you have made change in bill sundry,Sale type etc then you need to run Regenerate Dual Voucher for purchase voucher and you can follow these steps:
Step 1: take backup of your concern company.
Step 2: Now open your company and click on House Keeping.
Step 3: Now click on Regenerate Dual Voucher then it will show you the prompt for Take backup there you can Tick for option you can proceed as I have the latest backup.
Step 4: Now apply filter in which you have made changes otherwise tick on None option.
Step 5: Now Filter on date and selected voucher as per your requirement and click on OK Option. After completion of process you can check your data.
My downloaded GST reports are showing wrong dates. Instead of actual download date, an old date is displayed. Why does this happen and how can I fix it?
To fix the issue of downloaded GST reports showing wrong dates, you can try updating the data or checking if the correct date range has been selected. Also Check BUSY latest version and Release.
To generate accurately GST Returns report in BUSY.
Step 1: Check BUSY latest version and Release.
Step 2: Take Backup.
Step 3: Go to House - Keeping Menu.
Step 4: Click on Update Master Balances
Step 5: And Run update master balances & update voucher GST Summary.
Step 6: Go to Display Menu.
Step 7: Click on GST Reports option.
Step 8: Click on GSTR-1 GSTR-3B and select required options Starting date & Ending date.
Step 9: Click on OK
Step 10: Verify GST Configuration Settings.
Step 11: 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 12: If you want return GSTR1 direct from BUSY select GSTR-1 e Return, and to generate GSTR-3B JSON file select e Return GSTR-3B.
What are the different kinds of reports available in BUSY and how can I generate them?
BUSY provides a variety of reports under the Display menu to help you manage your business finances effectively. Some of the reports are:
1. Financial Reports: These include Balance Sheet, Profit & Loss Account, Trial Balance, etc.
2. Account Books: These include Account Ledger, Sales Register, Purchase Register, etc.
3. GST Reports: These include GSTR-1, GSTR-2, GSTR-3B, GSTR-4, GSTR-9, etc. These reports help you to comply with the GST laws and regulations in India.
4. Outstanding Analysis Reports: These include Bills Receivables, Bills Payables, Aeging Reports, etc. These reports help you to manage your cash flow and credit control.
5. MIS Reports: These include Profitability Report, Cash Flow, Fund Flow, Ratio Analysis, Multi Company Results, etc. These reports help you to measure and compare the performance of different segments of your business.
6. Inventory Reports: These include Stock Status, Inventory Books, Inventory Summary, etc. These reports help you to track your inventory level.
To generate them open the required report and use the Export (ALT+E) option to export it in a compatible file format such as Excel, CSV, PDF & Google Sheet.
The sales amounts are showing differently in my P&L account versus my tax filings. What should I do to correct this?
To fix sales discrepancies between P&L and tax filings, you need to ensure that all sales are accurately recorded in your accounting software and that the correct tax rates are applied. It is important to reconcile your sales data regularly and ensure that it matches with your tax filings. If you notice any discrepancies, you should investigate and correct them promptly.
you can check the reconcile report. follow the step:
Step 1: Go to Display Menu.
Step 2: Click on GST Reports option
Step 3: under GST Reports click on GST Audit Reports.
Step 4: Click on Reconcile Accounts & GST report option.
Step 5: Select Specify the reconciliation type for Sales, Purchase, and Account Vouchers.
Step 6: Example If you choose Sales you will open reconcile window.
Step 7: Select required option voucher series, date range and click on OK.to generate the report.
Step 8: Review Reconcile GST and Account Sales Report
Step 9: If any issues are identified in the report, take the necessary steps to correct them promptly.
I am unable to view some invoice details in the GST reports. What could be the reason and how can I fix it?
The reason for not being able to view some invoice details in GST reports in BUSY may be
due to the following cases
1 If the sale type mentioned in voucher is skipped in gst reports then the sale voucher will
not show in gst reports to solve the issue follow the steps
go to transaction menu click on sale and click on modify then search voucher which is not showing in gst reports and open it then click on sale type and press alter M and make N on
skip in gst reports option
2 If the item master mentioned in voucher is tagged with different ledger without sale then it will
not show in gst reports to solve it follow the steps
go to transaction menu click on sale and click on modify then search voucher which is not showing in gst reports then select the item master and check if there is any specicy sales account mentioned on it then change it to sale or make it not required and save
I need to generate reports for a custom date range but am unsure how to specify the date filters. Could you explain how I can generate reports for specific periods?
To generate reports for a custom date range with specific date filters, you can specify the periods by selecting the start and end dates for the desired range. This can be done in the report generation settings or by using the filter options to narrow down the results to the desired time period. In Every GST Report have option of selection Date range for example we want to generate Sales Register with date range. Kindly follow the following steps
Step 1: Go to Display Menu.
Step 2: Click on GST Reports option
Step 3: Under GST Reports click on Sales Register option.
Step 4: Choose the option register to be shown as Local, Central, Combined.
Step 5: Selected Combined option.
Step 6: click on Bill-wise option
Step 7: Select Both B2B and B2C option.
Step 8: on sales register (Bill-Wise) report window you will get Date range option.
Step 9: Choose option as you required Voucher Series, Account Master Range, Date Range.
Step 10: Click on OK. Confirm your selections and generate the Sales Register report with the specified parameters.
