Find Solutions to Common Issues Related to taxation - rcm data feeding and report
Reverse Charge means the liability to pay tax is on the recipient of supply of goods or services instead of the supplier of such goods or services in respect of notified categories of supply/To handle GST Reverse Charge Mechanism in BUSY one have to perform 3 Tasks.
A) Create Expense...
To record RCM entry in BUSY, please follow below steps :
Step 1: Access the transaction menu of the software. Open either a purchase voucher or a journal voucher to begin entering RCM entries.
Step 2: If entering RCM through a purchase, input relevant details such as the party involved,...
To record RCM (Reverse Charge Mechanism) payment vouchers and their adjustments in BUSY, follow these simplified steps:
Step 1: Go to the Display Menu.
Step 2: Select GST Reports.
Step 3: Choose GST Summary report under GST Summaries Menu.
Step 4: Select the specific period for which you want...
To enter RCM (Reverse Charge Mechanism) entries in GST returns, you need to follow these steps:
Step 1: Open your compnay then go to the Transactions menu
Step 2: Select Journal and click on Add
Step 3: Enter the required details such as date, voucher no, etc.
Step 4:...
To save RCM entries in BUSY you can make purchase voucher or journal or payment voucher
To save RCM purchase entry follow the Steps
Step1 go to transaction menu and select purchase then click on add
Step2 select purchase type as RCM Unreg which tax type must be RCM...
To enter RCM (Reverse Charge Mechanism) entries in GST returns, you need to follow these steps:
Step 1: Open your compnay then go to the Transactions menu
Step 2: Select Journal and click on Add
Step 3: Enter the required details such as date, voucher no, etc.
Step 4:...
In BUSY have a built-in feature to directly reconcile GSTR data with the GST portal's GSTR JSON data.
To reconcile the discrepancy in the RCM amount between the portal and BUSY, you can follow these steps:
Step 1: Verify the RCM entries in BUSY to ensure they are accurate...
To record reverse charge GST transactions in BUSY, follow these steps:
For RCM Purchase Entry:
Step 1: Go to the Transaction menu and click on Purchase then Add.
Step 2: Fill voucher details, select RCM Unreg as the purchase type, and choose the party.
Step 3: Enter item details...
To enter RCM (Reverse Charge Mechanism) entries in GST returns, you need to follow these steps:
Step 1: Open your compnay then go to the Transactions menu
Step 2: Select Journal and click on Add
Step 3: Enter the required details such as date, voucher no, etc.
Step...
To delete a wrong RCM expense voucher in BUSY, please follow below steps.
Step 1: Go to Transaction Menu and click on GST Misc. Utility.
Step 2: Go to check/Post consolidate RCM payble voucher and Select the trasaction.
Step 3: Press F8 key to delete with the cosolidate RCM...