Frequently Asked
Questions
Find Solutions to Common Issues Related to taxation - gst reports
How do I generate the registers and returns for filing GST?
To generate reports in BUSY, Here's how you can do it:
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 do I manually adjust the IGST input and output?
To manually adjust the IGST input and output, you need to follow these steps:
Step 1: Go to Display section then click on GST Reports option.
Step 2: Now choose GST summary then specify date range of 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 which you want to post the voucher. If there is a credit balance, you will need to pay the tax to the government. Conversely, if there is a debit balance, it will be carried forward to the next month.
How do I fix the summary mismatch error in BUSY after making changes to GST amounts?
To fix a summary mismatch error in BUSYafter making changes to GST amounts, follow these simple steps:
Step 1: Access the utility for updating the GST summary. Step 2: You can usually find this in the Housekeeping or Utilities menu within the software.
Step 3: Decide whether you want to update partial data or the entire GST summary.
Step 4: For partial data, select Monthly Data Updation to update data for specific months.
Step 5: Follow the on-screen prompts to update the GST summary with the correct information that matches the changes you made to the GST amounts.
Step 6: After updating the GST summary, be sure to save the changes or confirm the update according to the software's instructions.
How can I separate out BC invoices in BUSY since they don't require e-invoicing?
B2C invoices can not be separate out from BUSY and as per norms E- invoice is not required for B2C Invoices.further you can create another series for B2C invoices and in GSTR 1 B2C invoice comes in relevent section of B2C not in B2B invoices.You can also check report for B2C Invoice or B2B invoice and to see this report you can follow these steps:
Step 1: Go to Display and then click on GST reports.
Step 2: Now click on GST Registers and then supply outward Register or Supply Inward Register whatever you want.
Step 3: Now click on option for Party to see report, filer on period, enable other option and salect section as per your requiremen and check reports
How can I get the ITC details to show up correctly in my BUSY?
To get accurate ITC in BUSY, you can use monthly ITC tagging option and claim the ITC as per GSTR2B. To do the same follow these steps:
Step 1: Go to the Transactions menu and select GST Misc. Utilities.
Step 2: Choose Montly ITC Tagging as per GSTR-2A / 2B and enter the period then open the report.
Step 3: You need to press F4 to change the status and select ITC Status as Claimed and mention the return period.
Step 4: Now, when you generate the GSTR-3B return set Y on Pick Relevant ITC from Monthly ITC Tagging?
The report will generate will all the ITC that you have tagged in the selected period.
How can I find and correct rounding or other small discrepancies in account balances?
Here's how you can identify and fix such discrepancies:
Step 1: Reconciliation helps identify discrepancies that may be due to rounding errors or other issues.
Step 2: Double-check the accuracy and completeness of data entry
Step 3: When recording transactions, ensure that you apply consistent rounding rules. Step 4: Duplicate entries can lead to discrepancies in account balances.
Step 5: Pay attention to decimal places in your transactions.
Step 6: Small discrepancies can also occur due to bank charges, interest, or fees.
Step 7: If you have outstanding checks or deposits that have not cleared your bank account, these can cause discrepancies. Step 8: Confirm that receipts and payments received or made in cash or checks are accurately recorded
The inventory numbers are not updating properly in BUSY. How can I fix this?
To address this issue and ensure that your inventory numbers are updated correctly, you can follow these steps:
Step 1: Double-check all data entries related to inventory transactions, including purchases, sales, returns, and adjustments.
Step 2: Verify that the transaction dates are accurate.
Step 3 : Ensure that you are using the correct voucher types for inventory transactions
Step 4: Check your inventory valuation method (FIFO, LIFO, Weighted Average, etc.)
Step 5: Assigned inventory items to the correct stock groups and categories.
Step 6: Review the stock item masters to ensure that item details are accurate and up-to-date.
Step 7: Remove any duplicate transactions.
Step 8: Pay close attention to opening balances, purchases, sales, returns, and adjustments.
How do I transfer the tax liability to the payable account correctly in BUSY as per GST requirements?
To transfer the tax liability to the payable account correctly in BUSY as per GST requirements, you can follow these steps:
1. Create a separate account for tax payable under Current Liabilities.
2. Record a journal entry to transfer the tax liability amount from the tax account to the payable account.
3. Make sure to select the appropriate tax code and tax rate while recording the entry.
4. This will show the tax liability as a payable amount in the payable account.
5. When making the actual payment, clear the tax liability against the Cash/Bank account.
By following these steps, you can transfer the tax liability to the payable account correctly in BUSY as per GST requirements.
I want to filter my purchase register report based on purchase types like GST, Non-GST, etc. How can I add this categorization and filtering option?
If you want to filter your Purchase Register report in BUSY based on purchase types like GST, Non-GST, and so on,Here's how:
Step 1: Navigate to the Purchase Register or Purchase Invoice Register report.
Step 2: You will want to add a custom column for the GST Nature field.
Step 3: Add a custom column for the GST Nature field
Step 4: Specify the name of the column, and make sure it displays the GST type for each transaction
Step 5: After adding the custom column, apply filters to categorize the data based on the GST Nature field. Step 6: Generate the Purchase Register report with the applied filters to view transactions based on the purchase types you've defined.
What steps should I take to match my GSTR turnover with profit & loss turnover in BUSY and identify the cause for any differences?
take to match my GSTR1 turnover with profit & loss turnover in BUSY ,Here are steps to help you resolve the issue:
Step 1: Verify that the amounts, tax codes, and GST details are accurately entered.
Step 2: Make sure that invoices are correctly matched.
Step 3 : Run the Update master balance utility from House-Keeping menu .
step 4: Ensure there are no duplicate entries that may be affecting the balance.
Step 5: Check the reporting period of the GST Summary report.
Step 6 : Update the GST Voucher Summary from house keeping menu .
Step 7 :If the issue persists or is complex, consider consulting with a professional accountant or auditor who can review your records