Frequently Asked
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Find Solutions to Common Issues Related to taxation - gst reports
How do I configure GST related settings in BUSY as per Indian taxation system?
In BUSY, we have to add tax rate in Item master with HSN Code, GST details in party master and charge GST during Voucher entry. Accordingly will reflect in GST Reports and generate ereturn also.
Pls Follow the Below Steps:
Step 1: Administration
Step 2: Masters
Step 3: Account
Step 4: Add it and mention the Required GST Details like Country, State ,GST Number, PAN Number and Type of Dealer. GST Validate option is given.
Step 5: Item
Step 6: Add it with GST details like Correct Tax rate , HSN Code. HSN Validation option is given.
Step 7: Transaction
Step 8: Select the required Voucher type and charge GST by selecting Sale/Puc Type.
Step 9: Under Display Menu, Can check GST Reports with multiple filteration type.
I want to check the tax amount I need to pay to the government each month. How can I find this summary report in BUSY?
You can check the tax amount which you have to pay to the government in each month.For the GST input tax credit amount, You have to pass the journal entry for adjusting the GST input with GST Output month wise so that ledger balance properly get maintained in BUSY.
Pls follow the below steps.
Step 1: Click on Display menu
Step 2: Then GST Reports
Step 3: Then GST Summaries
Step 4: Then GST Summary and select the date range
Step 5: Then press the shortcut key F4 and select the Input Output adjustment from the popup window.After that the journal voucher get post automatically where DEBIT the GST output Account and CREDIT the GST input Account.
What steps should I take to reconcile my P&L turnover and taxable turnover?
To reconcile the profit and loss turnover and taxable turnover then follow the below steps.
Step 1: Take the backup of your company.
Step 2: Then check in short range in both the report of profit and loss turnover and taxable turnover.
Step 3: You will get a particular date from which the mismatch is coming in the data.
Step 4: Then check the difference value which is coming in both the report of that date.
Step 5: Then correct those vouchers and save it.
Additionally, you can check the reconcile accounts and GST for sales from GST audit report under Display menu.In this report, you will get the voucher from which the difference is coming in both the report then manually correct it.
How to configure BUSY for generating GST reports?
In BUSY, we have to add tax rate in Item master with HSN Code, GST details in party master and charge GST during Voucher entry. Accordingly will reflect in GST Reports and generate ereturn also.
Pls Follow the Below Steps:
Step 1: Administration
Step 2: Masters
Step 3: Account
Step 4: Add it and mention the Required GST Details like Country, State ,GST Number, PAN Number and Type of Dealer. GST Validate option is given.
Step 5: Item
Step 6: Add it with GST details like Correct Tax rate , HSN Code. HSN Validation option is given.
Step 7: Transaction
Step 8: Select the required Voucher type and charge GST by selecting Sale/Puc Type.
Step 9: Under Display Menu, Can check GST Reports with multiple filteration type.
How can I account for discounts on GST correctly?
The specific steps may vary depending on the software you're using, but here's a general guideline:
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 Purchase register Reports.
Step 3: Click on it to proceed.
Step 4: In the Purchase register Reports section,Look for the option labeled show bifurcation of tax amounts . Step 5: You can add discount by adding custom column . Step 6: Review the Bifurcation of Tax Rate Wise and Genate the report . Step 7: This report will display a breakdown or bifurcation of the output tax data based on tax rates.
The tax rate I configured is showing the right percentage on one screen but when I go to actually calculate tax on an invoice, it is wrong. Why is it inconsistent?
If the tax rate you configured is showing the right percentage on one screen but when you go to actually calculate tax on an invoice, it is wrong, the you need to check below reasons:
1. First, make sure you select the correct sale type as per the required tax rate. If you select a tax-inclusive and item-wise tax rate, then it will show the tax rate at the item level, or if you select an indivisual tax rate and a multi-tax rate, then you should apply the tax to the bill-sundery level for accurate tax calculations.
2. Also, make sure the item master tax category selected is correct as per the required tax rate.
I want the software to show me the total value of each item including discounts and taxes. How can I get this in the purchase reports?
The specific steps may vary depending on the software you're using, but here's a general guideline:
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 Purchase register Reports.
Step 3: Click on it to proceed.
Step 4: In the Purchase register Reports section,Look for the option labeled show bifurcation of tax amounts . Step 5: You can add discount by adding custom column . Step 6: Review the Bifurcation of Tax Rate Wise and Genate the report . Step 7: This report will display a breakdown or bifurcation of the output tax data based on tax rates.
A amount is showing as less than expected in one BUSYAccounting report but not reflecting correctly in another linked report. What could lead to this discrepancy?
amount is showing as less than expected in one BUSYAccounting report but not reflecting correctly in another linked report to match both reports amount.
as a example your sales value in Profit and Loss report and in GST summary showing different for match both reports taxable value follow these steps
step 1: go to the GST reports
step 2: click on GST audit report and open reconcile accounts and GST
step 3: then select relevant option from sales. purchase and acc. voucher.
step 4: mentioned start and end date then open report
step 5: there you can find if any mismatch showing in both reports you can rectify it and verify both reports amounts.
The GST tax is calculating at % instead of the expected % rate. Why is it showing a lower percentage and how can I fix this?
If the GST tax is calculating at 3% instead of the expected 6% rate, you need to check the reasons below:
Step 1: You need to check the GST tax percentage as per the government regulations you require and apply it in your BUSY schedule. For this, you need to follow the below steps:
Step 2: Go to Administration, then select Masters, then select Tax Category, then select Modify, and select the tax category that you want to update.
Step 3: In the tax category master, you can update the tax percentage as per the government regulation in the changes in tax rates option. In this, you can update according to your update date.
Can I import GSTRB data from multiple GSTINs into BUSY? What are the steps to do so?
Yes, you can import GSTR2B data from multiple GSTINs into BUSY. The steps to do so are as follows:
Step 1. Download the GSTR2B JSON files for each GSTIN from the GST portal.
Step 2. Open BUSY and go to the GST module.
Step 3. Select the voucher series and month for which you want to import the GSTR2B data.
Step 4. Click on the Reconcile button and choose the option Using Voucher Date and GSTR2B-GSTR2A.
Step 5. In the Reconcile GSTR2B Voucher Files window, click on the Import button.
Step 6. Select the JSON files for each GSTIN and click on the Open button.
Step 7. The GSTR2B data will be imported and reconciled in BUSY.