Frequently Asked
Questions
Find Solutions to Common Issues Related to taxation - gst reports
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.
2....
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...
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 backup...
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 Select...
My Gstr internal reports show a different number of bills compared to the portal. How can I fix this?
To fix the issue of your gstr 1 internal reports showing a different number of bills compared to the portal, you can try the following steps:
1. Make sure you are comparing the correct reports. Check if you are looking at the bills from the GST portal and not from...
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...
What analytics and business insights are available in BUSY?
BUSY provides various analytics and business insights to help you monitor and improve your business performance.
1. Financial Reports: Standard financial statements like balance sheets, profit and loss, cash flow, and trial balances offer a snapshot or giving a clear picture of your company's financial health and standing at any given time of your business's financial status.
2. Custom Reports: Tailor-made reports allow you to focus on specific metrics or aspects of your business for in-depth analysis.
3. Inventory Analysis: Track stock movement, turnover rates, reorder levels, and valuation reports to optimize inventory management.
4. Sales & Revenue Analysis: Understand sales trends, revenue streams, product or service performance, and customer segmentation for informed sales strategies.
5. Expense Tracking: Analyze spending patterns, costs by category, and identify areas for cost-saving.
6. Tax & Compliance: Insights into tax liabilities, compliance reports, and tax filing documents streamline financial compliance.
7. Dashboard & Visuals: Visual representations on dashboards offer a quick overview of essential business metrics.
Cash Flow Management: Monitor cash flow, forecast future positions, and ensure financial stability.
8. Budgeting & Forecasting: Create budgets, forecast future performance, and compare actuals against projections.
I need to file my GST returns but am unable to download the required GSTR-B file. What should I do?
The GST 2A download may get disconnected in BUSY due to temporary server problems or issues with the internet connection. To troubleshoot this, you can try the following steps:
Step 1 : Check your internet connection: Ensure that you have a stable and reliable internet connection. If your connection is weak or intermittent, it may cause the download to disconnect. Consider restarting your router or contacting your internet service provider for assistance.
Step 2 : Clear cache and cookies: Clearing the cache and cookies in your web browser can help resolve any temporary issues that may be causing the disconnection. Go to your browser settings and clear the cache and cookies, then try downloading the GST 2A again.
Step 3 : Update the software: Make sure that you are using the latest version of BUSY. Software updates often include bug fixes and improvements that can resolve connectivity issues. Check for any available updates and install them if necessary.
Step 4 : Disable firewall or antivirus: Sometimes, firewall or antivirus software can interfere with the download process. Temporarily disable these security measures and try downloading the GST 2A again. Remember to re-enable them once the download is complete.
Why is the GST A download getting disconnected in BUSY? How to troubleshoot this?
The GST 2A download may get disconnected in BUSY due to temporary server problems or issues with the internet connection. To troubleshoot this, you can try the following steps:
Step 1 : Check your internet connection: Ensure that you have a stable and reliable internet connection. If your connection is weak or intermittent, it may cause the download to disconnect. Consider restarting your router or contacting your internet service provider for assistance.
Step 2 : Clear cache and cookies: Clearing the cache and cookies in your web browser can help resolve any temporary issues that may be causing the disconnection. Go to your browser settings and clear the cache and cookies, then try downloading the GST 2A again.
Step 3 : Update the software: Make sure that you are using the latest version of BUSY. Software updates often include bug fixes and improvements that can resolve connectivity issues. Check for any available updates and install them if necessary.
Step 4 : Disable firewall or antivirus: Sometimes, firewall or antivirus software can interfere with the download process. Temporarily disable these security measures and try downloading the GST 2A again. Remember to re-enable them once the download is complete.
How do I adjust excess GST paid while purchasing in my next GST return filing in BUSY software?
In order to adjust excess GST paid in the previous month, you need to pass a Journal entry for adjustment. However, before doing so, you must first create a cross-adjustment entry through the GST Summary of the particular month in which you want to adjust your excess GST amount. This will allow you to determine the actual GST payable for that month.
Once the cross-adjustment entry is done, you can pass a separate Journal entry to reduce the GST payable amount of that particular month. To do this, you can create an account master with the name "excess GST paid" and define the group as either a current asset or advance. You can then mention the excess GST amount as the opening balance in that account master for the next month.
To pass the Journal entry, debit the "excess GST paid" account and credit the GST payable account of that particular month. This will help you find the net GST payable amount for that month after adjusting your excess GST paid amount.
It is important to note that for such entries, it is recommended to contact a CA or an accountant.
