Frequently Asked
Questions
Find Solutions to Common Issues Related to taxation - gst reports
I made an entry for reverse charge mechanism (RCM) GST but it is not getting reflected properly. What should I do?
Reverse charge mechanism (RCM) GST but it is not getting reflected properly.then Create RCM Payable Voucher one have to use Check/Post Consolidated RCM Payable/To Check/Post Consolidated RCM Payable follow below Steps.
Step 1: Click on Transaction
Step 2: Click on GST Misc. Utilities
Step 3: Click on Check/Post Consolidated RCM Payable
Step 4: Select Either Monthly Basis or Daily Dasis in which one wants to Create the Vocuher.
Step 5: Select required Details as asked
Step 6: Click on OK (F2)
Step 7: Press F4 to Post 'Consolidated RCM Payable' Voucher
Step 8: Select the Series in which one wants to Post the Voucher
Step 9: Specify Date in which one wants to Post the Voucher
Step 10: Click on Save
Step 11: Click on YEN when asked
Step 12: Click on Save
Step 13: Specify Required Details
Step 14: Click on Save
Step 15: Click on Save when asked
Step 16: Click on Yes/No as Required
How can I check the total sales and purchases made under different GST tax rates like %, %, etc?
To check the total sales and purchases made under different GST tax rates like 18%, 12%, etc, you need to check below steps:
For Sales Report,
Stesp 1: Go to Display, then select GST Reports, then select GST Registers,
Stesp 2: then select Supply Outward Register, then select All party, then select correct date range,
Stesp 3: and then select the relevant information and then press F2 or OK,
Stesp 4: in that report you will find the option of tax rates column to see the different GST tax rates like 18%, 12%, etc.
For Purchases Report,
Stesp 1: Go to Display, then select GST Reports, then select GST Registers,
Stesp 2: then select Supply Inward Register, then select All party, then select correct date range,
Stesp 3: and then select the relevant information and then press F2 or OK,
Stesp 4: in that report you will find the option of tax rates column to see the different GST tax rates like 18%, 12%, etc.
I have entered all sales invoices but the GST report shows fewer invoices. What could be the reason?
If you have entered all sales invoices but the GST report shows fewer invoices, you need to check the below reasons:
1. You need to check which invoice is not showing on the GST report. Check the sale type in the sale. Make sure the skip in GST report option is set to N; if set to Yes, the invoice will not appear in the GST report.
2. You need to check which invoice is not showing on the GST report. On that check the item and product master in the item and product master. Make sure the skip option in the GST report is set to N; if you put it as Yes, then that invoice will not show up in the GST report.
3. Also, you make sure the date range you report checking is the correct date range for which you want to see it.
4. If you are using an Enterprise version, then you should approve the voucher entry to show the transaction.
I am unable to view the list of parties and invoices where I have applied local CGST and SGST, Central IGST. How can I get this report/list in BUSY?
To view the list of parties and invoices where you have applied local CGST and SGST, Central IGST, to get this report/list in BUSY, you need to follow the below steps:
Step 1: Go to Display.
Step 2: Select GST Reports.
Step 3: Choose GST Registers.
Step 4: Pick Sales Register, Purchase Register, Sales return Register, Purchase return Register.
Step 5: Select the register to be shown for local, central, and combined.
Step 6: Choose the register to be shown for bill-wise, HSN code-wise, and item-wise.
Step 7: Select the register to be shown for both B2B and B2C.
Step 8: Set the date range and relevant information, then press OK and F2.
Step 9: After loading the report, you can check the sales, purchases, Sales return Register, Purchase return Register, etc.
Step 10: In this you need to select the sales register to view the list of parties and invoices where you have applied local CGST and SGST, Central IGST.
What reports and dashboards come built-in with BUSY?
BUSY provides a variety of reports 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.
BUSY also provides two dashboard options such as User Dashboard and Party Dashboard which can be configured as per the requirements.
Why are some of my sales invoices missing in the tax liability report?
If some of your sales invoices missing in the tax liability report, you need to check the below reasons:
1. You need to check which invoice is not showing on the GST report. Check the sale type in the sale. Make sure the skip in GST report option is set to N; if set to Yes, the invoice will not appear in the GST report.
2. You need to check which invoice is not showing on the GST report. On that check the item and product master in the item and product master. Make sure the skip option in the GST report is set to N; if you put it as Yes, then that invoice will not show up in the GST report.
3. Also, you make sure the date range you report checking is the correct date range for which you want to see it.
4. If you are using an Enterprise version, then you should approve the voucher entry to show the transaction.
How do I reconcile the total turnover and taxable turnover amounts in GST returns when freight and forwarding charges are excluded from taxable turnover?
In BUSY if you wants to reconcile your taxable amount in accounts as well as in gst reports,excluding any expnses like freight and forwarding charges,you can check reports as these steps
Step 1 Open your company and go to display
Step 2 Go to gst reports
Step 3 Select gst audit reports
Step 4 Then select reconcile accounts & gst for sales or purhcase or account vouchers
Step 5 Now select date range and report will be loaded
Step 6 Now you can check taxable amount as per account and as per gst reports balance
Step 7 If you found mismatch in taxable amounts,check by entering transaction and then check any expenses like in bill sundry discount or freight and forwarding charges etc.and to match,you have to apply tax on such expnses accordingly or tag account in bill sundry accordingly
Note:Audit reports ensures sale or purchase in gst reports and profit and loss is matching along or excluding expenses in transactions like freight or forrwarding chareges,discount etc.
I am unable to claim ITC for my business purchases. What should I check to claim the full ITC amount?
To claim the full Input Tax Credit (ITC) amount for your business purchases, you should check the following:
1. Ensure that the purchases are eligible for ITC as per the GST rules.
2. Verify that the supplier has correctly filed their GST returns and uploaded the invoices.
3. Check if the invoices are correctly entered in your accounting software, including the correct GSTIN, invoice number, and date.
4. Make sure that the invoices are within the prescribed time limit for claiming ITC.
5. Verify that the ITC amount is correctly calculated based on the GST rate and the eligible amount.
6. Ensure that there are no mismatches between your GSTR-2A and GSTR-3B returns.
7. Double-check if you have correctly tagged and claimed the ITC in your accounting software.
If you have checked all these points and are still unable to claim the ITC, it is recommended to consult with a tax professional or reach out to the customer support of your accounting software for further assistance.
How do I adjust my GST liability when the tax period falls in different financial years?
To adjust your GST liability when the tax period falls in different financial years, you need to follow these steps:
1. In the new financial year, create a journal entry to adjust the opening balance of the GST liability account. Debit the GST liability account and credit the opening balance equity account.
2. Make sure to adjust the input tax credit (ITC) and output tax liability for the previous financial year separately. This will help in accurate reporting and reconciliation.
3. Carry forward the unadjusted ITC from the previous financial year to the current financial year by creating a journal entry. Debit the ITC account and credit the opening balance equity account.
4. Adjust the ITC against the output tax liability in the current financial year by creating a journal entry. Debit the output tax liability account and credit the ITC account.
By following these steps, you can properly adjust your GST liability when the tax period falls in different financial years.
What should I do if entries or transactions are not showing up as expected in BUSY?
If entries or transactions are not showing up as expected in BUSY, you can try the following steps:
1. Check the date range: Make sure you are viewing the correct date range for the entries or transactions you are looking for.
2. Refresh or reload the page: Sometimes, refreshing or reloading the page can help display the missing entries or transactions.
3. Check filters and search criteria: Ensure that any filters or search criteria you have applied are not excluding the entries or transactions you are trying to find.
4. Verify data entry: Double-check the accuracy of the data entry for the entries or transactions. Make sure they were entered correctly and saved.
5. Reconcile accounts: If you are expecting transactions to appear in specific accounts, reconcile those accounts to ensure that the transactions have been properly recorded.
6. Contact customer support: If the above steps do not resolve the issue, reach out to BUSY's customer support for further assistance.
