Frequently Asked
Questions

Q: My opening balance for IGST input credit is showing as credit instead of debit. How can I correct the wrong opening balance entry?

If your opening balance for IGST input credit is showing as a credit instead of a debit, and you need to correct this error, here are simple steps to help you do that: Step 1: Review the entry you made for your opening balance of IGST input Step 2: If you originally entered a credit, now make a debit entry for the same amount. Step 3: Confirm that you've selected the right account or ledger for the opening balance entry. Step 4: It should be an asset account. Step 5: If you're unsure about the entries, you can consult accounting resources or a professional for guidance.

Q: How do I view detailed GST reports in BUSY? I need to see the HSN code wise and item wise breakdown for GSTR-

To view a detailed GSTR-1 report in BUSY with HSN and item-wise breakdown, you can go to the GST Reports section and select the GSTR-1 report. From there, you can select the option to view the report with HSN and item-wise breakdown. Follow the following steps to generate GSTR-1 report. Step 1: Go to Display Menu and click on GST Reports option. Step 2: Click on GST Returns option Step 3: Under GST Returns option click on GST-1. Step 4: Set the desired date range and any other required options for the report. Step 5: After configuring the necessary parameters, click on the "OK" option to generate the GSTR-1 report.

Q: I want to update pricing for a product in BUSY but it does not seem to be working. What should I check?

To set different sales prices for different parties in BUSY, you can use the Party Item-wise Price/Discount Structure feature. Here are the steps to configure it: Step 1: Go to Administration and click on configuration. Step 2: Select Features / Options and click on Inventory tab. Step 3: Here you see an option called Item Pricing Mode in Vouchers Click on that and choose Party-Item-wise Price/Discount Structure and Select Mode as required. Step 4: Now, go back to configuration and select Party-Item Price Structure and can select either Sale/Purchase. Step 5: Next, you can set MRP, Price, Discount party & item wise as per the requirements.

Q: I need to reconcile my GSTR- data with my sales entries in BUSY. What is the process for this?

To reconcile your GSTR-1 data with your sales entries in BUSY, you can follow these steps: Step 1. Go to the Transactions tab in BUSY. Step 2. Select GST Miscellaneous Utilities from the dropdown menu. Step 3. Click on Download GSTR-1 JSON Data to download the GSTR-1 data. Step 4. Open the downloaded JSON file and compare it with your sales entries in BUSY. Step 5. Check for any discrepancies or mismatches between the two. Step 6. Make necessary adjustments or corrections in your sales entries to match the GSTR-1 data. Step 7. Once the data is reconciled, you can proceed with filing your GSTR-1 return.

Q: What is clause and what steps should I take to resolve it for income tax purposes?

clause 44 is a tax audit report required for businesses with a turnover of more than Rs. 1 crore. It is used to report business income and expenses to the Income Tax Department. To resolve it for income tax purposes, you need to prepare and file the tax audit report with the Income Tax Department. It is recommended to seek professional help for this process.New clause 44 of Form 3CD was introduced requiring entities to disclose the break up of total GST and non-GST expenditure irrespective of whether they are registered under GST or not. Let’s take a deeper look clause 44 of tax audit report.

Q: Why is the GST credit showing differently in my accounting software versus the government portal?

Differences between the GST (Goods and Services Tax) credit, Here are some common reason : Step 1: Data entry errors, such as incorrect amounts, tax codes, or dates, can cause differences in GST credits between your software and the portal. Step 2: Government portals may have processing times for data updates and tax credit approvals. Step 3: If certain filings or data submissions are incomplete Step 4: Manual adjustments made in BUSY or the portal may not be consistent, causing variations in the GST credit. Step 5: Changes in GST rates, tax laws, or regulations may not be immediately reflected in BUSY causing differences.

Q: What is the recommended procedure to match my GST filing with the transactions in BUSYAccounting?

To align GST return filing with transactions in BUSY, follow these steps: step 1:Navigate to the GST Misc. Utilities and open the option to download GSTR JSON data. step 2:Download GSTR1 in either automatic or manual mode. step 3:Select the month for downloading that requires alignment. step 4:After downloading GSTR1 JSON, proceed to the reconcile GSTR data and click on Reconcile GSTR1. step 5:Choose the start and end months, along with any other pertinent details as required, then open the report. step 6:Once the report is open, cross-reference the GST return data with your records in BUSY to ensure alignment.

Q: How can I check for mismatches between expenses/purchases recorded and taxes paid in BUSY?

Matching GST balances and ledgers during monthly reconciliation in BUSY,Here's a step-by-step guide on how to perform this reconciliation: Step 1 : Go to the Display menu and select GST Reports. Step 2: Access the GST Summary report. Step 3: Now, you need to compare the information in the GST ledgers with the GST balances Step 4: Compare the ledger entries for each GST rate (5%, 12%, etc.) with the corresponding GST balances. Step 5: you may need to make adjustments in your accounting software to correct any errors. Step 6: Reconcile and Verify GST Accounts & GST with the help of report GST Audit Report.

Q: How do I correct invalid or missing HSN codes in my GSTR report?

To correct invalid or missing HSN code in GSTR1 report the follow the given steps : Step 1: Click on the error line then you will get a list of invoice that have missing or invalid HSN code Step 2: Click on the respective invoice and click on Item description field Step 3: Press ALT+M and open item master in modify mode Step 4: Then go to HSN/SAC code field and specify correct HSN code and click on validate Button Step 5: After successful validation, click on OK button Step 6: Then save the invoice by click on save button

Q: How can I match GST balances and ledgers during monthly reconciliation in BUSY?

Matching GST balances and ledgers during monthly reconciliation in BUSY,Here's a step-by-step guide on how to perform this reconciliation: Step 1 : Go to the Display menu and select GST Reports. Step 2: Access the GST Summary report. Step 3: Now, you need to compare the information in the GST ledgers with the GST balances Step 4: Compare the ledger entries for each GST rate (5%, 12%, etc.) with the corresponding GST balances. Step 5: you may need to make adjustments in your accounting software to correct any errors. Step 6: Reconcile and Verify GST Accounts & GST with the help of report GST Audit Report.

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My opening balance for IGST input credit is showing as credit instead of debit. How can I correct the wrong opening balance entry?

If your opening balance for IGST input credit is showing as a credit instead of a debit, and you need to correct this error, here are simple steps to help you do that:
 Step 1: Review the entry you made for your opening balance of IGST input Step 2: If you originally entered a credit, now make a debit entry for the same amount. Step 3: Confirm that you've selected the right account or ledger for the opening balance entry. Step 4: It should be an asset account.
 Step 5: If you're unsure about the entries, you can consult accounting resources or a professional for guidance.

How do I view detailed GST reports in BUSY? I need to see the HSN code wise and item wise breakdown for GSTR-

To view a detailed GSTR-1 report in BUSY with HSN and item-wise breakdown, you can go to the GST Reports section and select the GSTR-1 report. From there, you can select the option to view the report with HSN and item-wise breakdown. Follow the following steps to generate GSTR-1 report.
Step 1: Go to Display Menu and click on GST Reports option.
Step 2: Click on GST Returns option 
Step 3: Under GST Returns option click on GST-1.
Step 4: Set the desired date range and any other required options for the report.
Step 5: After configuring the necessary parameters, click on the "OK" option to generate the GSTR-1 report.

I want to update pricing for a product in BUSY but it does not seem to be working. What should I check?

To set different sales prices for different parties in BUSY, you can use the Party Item-wise Price/Discount Structure feature. Here are the steps to configure it:
 Step 1: Go to Administration and click on configuration.
 Step 2: Select Features / Options and click on Inventory tab.
 Step 3: Here you see an option called Item Pricing Mode in Vouchers Click on that and choose Party-Item-wise Price/Discount Structure and Select Mode as required.
 Step 4: Now, go back to configuration and select Party-Item Price Structure and can select either Sale/Purchase.
 Step 5: Next, you can set MRP, Price, Discount party & item wise as per the requirements.

I need to reconcile my GSTR- data with my sales entries in BUSY. What is the process for this?

To reconcile your GSTR-1 data with your sales entries in BUSY, you can follow these steps:
 Step 1. Go to the Transactions tab in BUSY.
 Step 2. Select GST Miscellaneous Utilities from the dropdown menu.
 Step 3. Click on Download GSTR-1 JSON Data to download the GSTR-1 data.
 Step 4. Open the downloaded JSON file and compare it with your sales entries in BUSY.
 Step 5. Check for any discrepancies or mismatches between the two.
 Step 6. Make necessary adjustments or corrections in your sales entries to match the GSTR-1 data.
 Step 7. Once the data is reconciled, you can proceed with filing your GSTR-1 return.

What is clause and what steps should I take to resolve it for income tax purposes?

clause 44 is a tax audit report required for businesses with a turnover of more than Rs. 1 crore. It is used to report business income and expenses to the Income Tax Department. To resolve it for income tax purposes, you need to prepare and file the tax audit report with the Income Tax Department. It is recommended to seek professional help for this process.New clause 44 of Form 3CD was introduced requiring entities to disclose the break up of total GST and non-GST expenditure irrespective of whether they are registered under GST or not. Let’s take a deeper look clause 44 of tax audit report.

Why is the GST credit showing differently in my accounting software versus the government portal?

Differences between the GST (Goods and Services Tax) credit, Here are some common reason : 
 Step 1: Data entry errors, such as incorrect amounts, tax codes, or dates, can cause differences in GST credits between your software and the portal.
 Step 2: Government portals may have processing times for data updates and tax credit approvals. 
 Step 3: If certain filings or data submissions are incomplete
 Step 4: Manual adjustments made in BUSY or the portal may not be consistent, causing variations in the GST credit.
 Step 5: Changes in GST rates, tax laws, or regulations may not be immediately reflected in BUSY causing differences.

What is the recommended procedure to match my GST filing with the transactions in BUSYAccounting?

To align GST return filing with transactions in BUSY, follow these steps: 
 step 1:Navigate to the GST Misc. Utilities and open the option to download GSTR JSON data. 
 step 2:Download GSTR1 in either automatic or manual mode. 
 step 3:Select the month for downloading that requires alignment. 
 step 4:After downloading GSTR1 JSON, proceed to the reconcile GSTR data and click on Reconcile GSTR1. 
 step 5:Choose the start and end months, along with any other pertinent details as required, then open the report. 
 step 6:Once the report is open, cross-reference the GST return data with your records in BUSY to ensure alignment.

How can I check for mismatches between expenses/purchases recorded and taxes paid in BUSY?

Matching GST balances and ledgers during monthly reconciliation in BUSY,Here's a step-by-step guide on how to perform this reconciliation:
 Step 1 : Go to the Display menu and select GST Reports.
 Step 2: Access the GST Summary report.
 Step 3: Now, you need to compare the information in the GST ledgers with the GST balances
 Step 4: Compare the ledger entries for each GST rate (5%, 12%, etc.) with the corresponding GST balances.
 Step 5: you may need to make adjustments in your accounting software to correct any errors. Step 6: Reconcile and Verify GST Accounts & GST with the help of report GST Audit Report.

How do I correct invalid or missing HSN codes in my GSTR report?

To correct invalid or missing HSN code in GSTR1 report the follow the given steps :
 Step 1: Click on the error line then you will get a list of invoice that have missing or invalid HSN code 
 Step 2: Click on the respective invoice and click on Item description field 
 Step 3: Press ALT+M and open item master in modify mode 
 Step 4: Then go to HSN/SAC code field and specify correct HSN code and click on validate Button 
 Step 5: After successful validation, click on OK button 
 Step 6: Then save the invoice by click on save button

How can I match GST balances and ledgers during monthly reconciliation in BUSY?

Matching GST balances and ledgers during monthly reconciliation in BUSY,Here's a step-by-step guide on how to perform this reconciliation:
 Step 1 : Go to the Display menu and select GST Reports.
 Step 2: Access the GST Summary report.
 Step 3: Now, you need to compare the information in the GST ledgers with the GST balances
 Step 4: Compare the ledger entries for each GST rate (5%, 12%, etc.) with the corresponding GST balances.
 Step 5: you may need to make adjustments in your accounting software to correct any errors. Step 6: Reconcile and Verify GST Accounts & GST with the help of report GST Audit Report.

Frequently AskedQuestions