Frequently Asked
Questions
Find Solutions to Common Issues Related to taxation - gst reports
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.
The GST settings in my software seem to have been deleted or removed. How do I re-add the GST details?
After enabling GST/VAT while creating your company, you can easily configure the GST-related settings such as Sale/Pur Type, Tax Category, etc. Then, you can create your items with GST details and generate GST invoices. Further you can still enable it later by following these steps. Please make sure to take latest backup of your data before make any changes.
Step 1: Go to Administration and click on configuration.
Step 2: Select Features / Options and click on GST / VAT, here you will see a option called Enable GST/VAT Reporting click on check box to turn in on and select type as GST and choos type of dealer either Regular or Composition. Enter your GSTIN and click on Create Default GST Masters and save.
Step 3: Now, you can mention tax category, hsn code in your item master and GSTIN in your party masters. You are ready to generate GST invoices. Please note once you enable this feature and pass transaction then you can't disable that feature.
How do I change the status of vouchers from unclaimed to claimed in the software after I have claimed them?
To enable itc tagging and tag itc as claimed,follow these steps
Step 1: Go to administration menu and select configuration from it.
Step 2: In configuration option select feature and option.
Step 3: Then select GST/VAT option and make sure to mention Y in the enable ITC tagging after that click on save button.
Step 4: After that go to transcation option and select GST misc. utilities option.
Step 5: Then select monthly itc tagging as per 2A or 2B.
Step 6: In next window of monthly ITC tagging to be shown as select party wise or date wise as per your requirement.
Step 7: After that select the period for which you want use tagging.
Step 8: Now press F4 key to change status from pending to claimed and mention period in which select return period.
Step 9: Then go to display option and select Gst reports option and open different reports by mentioning Y on the pick relevant Itc tagging from monthly itc tagging.
