Frequently Asked
Questions
Find Solutions to Common Issues Related to taxation - gst reports
I made some amendments to last year's BB invoices this year. How do I show these amendments properly in BUSY?
To show amendments made to last year's B2B invoices in BUSY, you need to update the invoices in BUSY and save them. The changes will then be reflected in the updated invoices.You can run Update Voucher GST Summary but you need to follow some steps:
Step 1- Take the...
What data does the GST report contain in BUSY (sales, purchases, input credit, etc.)?
The GST report in BUSY contains diverse information related to your transactions and according to the GST guidelines and sections.Some of the information are mentioned below:
Step 1:The GST Identification Number of the taxpayer or business entity.
Step 2: Summary of Outward Supplies which is the total value and tax...
How do I correct GST summary and balance sheet mismatch
To identify and resolve the discrepancy between your GST Summary and Balance Sheet, you need to first find out which part is causing the mismatch, such as sales, purchases, or others. Then, you can follow these steps:
Step 1: Open the GST Audit Reports and select “Reconcile Accounts & GST”...
What general accounts master should I use for accounting of GST in BUSY?
In BUSY, you can use the following general accounts master for accounting of GST:
1. Input Tax Credit (ITC) : CGST,SGST and IGST output under group of duties and taxes all master are used to record the GST amount that you can claim as a deduction on your purchases.
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I don't understand how to do input-output adjustment entries in BUSY. Is there a way to automate this?
In BUSY you can do cross adjustment entries for tax at the end of every month as remaining balance is carried to opening of each next month.So to adjust input output in BUSY follow these steps
Step 1 Go to display and then go to gst reports
Step 2 Select...
Should I be doing cross-adjustment and input-output adjustment entries every month? Or is there a specific time it is required?
In BUSY you can do cross adjustment entries for tax at the end of every month as remaining balance is carried to opening of each next month.So to adjust input output in BUSY follow these steps
Step 1 Go to display and then go to gst reports
Step 2...
There is an error in one of the GSTR- fields uploaded by the software. How do I correct this error before filing my returns?
If there is an error in one of the GSTR-1 fields uploaded by the software, you need to follow the below steps:
Step 1: Go to the Display menu and click on GST report, then GST return, and select GSTR1 E return.
Step 2: Define the date range and...
I wants to carry forward input credit to next month after adjusment of all entries of it in current month in gst summary?
In BUSY you can do cross adjustment entries for tax at the end of every month as remaining balance is carried to opening of each next month.So to adjust input output in BUSY follow these steps
Step 1 Go to display and then go to gst reports
Step 2 Select...
How do I ensure that when I carry forward input credit to the next month, it reflects correctly in my GST reports?
In BUSY you can do cross adjustment entries for tax at the end of every month as remaining balance is carried to opening of each next month.So to adjust input output in BUSY follow these steps
Step 1 Go to display and then go to gst reports
Step 2 Select...
How can I correct errors in invoice details like tax rate, state etc before filing GST return?
To correct errors in invoice details like tax rate, state etc before filing GST return, you need to follow steps:
Step 1: Go to the Display menu and click on GST report, then GST return, and select GSTR1 E return.
Step 2: Define the date range and click on the OK button, Four windows will appear, and three of them will be for checking possible errors.
Step 3: You need to click on all three error buttons - Check error in transaction, Check error in HSN summary, and Check error in document summary.
Step 4: If any errors appear in red color, correct them according to the error description.
Step 5: Once you have corrected the errors, you can generate GSTR1 successfully. If the issue still persists on the GST site,
Step 6: download the error report from the website and also download the offline tool from the GST site's download section and install it.
Step 7: After opening the offline tool, click on the last column to upload the error report, which will show specifically in which row the error is occurring.
Step 8: You can correct it in BUSY data and then upload or generate GSTR1 successfully.
