Frequently Asked
Questions
Find Solutions to Common Issues Related to taxation - rcm data feeding and report
Why is the reverse charge section not working properly in BUSY? How can I get it to apply reverse charge GST correctly?
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...
How to record RCM expenses as an expense in BUSY?.
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,...
How do I enter rcm entry in BUSY and in case of any special case how to do accounting for export?
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: Select...
What are the steps to record RCM payment and adjustment entries in BUSY?.
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...
How to save RCM entries in BUSY? Is there a way to customize the invoice number format in BUSY?
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 Unreg...
There is a discrepancy in the RCM amount between the portal and BUSY. How do I reconcile this?
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 and...
Can you explain the process of entering RCM entries in GST returns?
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: Select...
How do I record reverse charge GST transactions in my books?
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 (name,...
How can I enter RCM entries in BUSY to reflect in GST returns?How do I ensure that the HSN code details are included in the JSON data for GST return filing on BUSY?
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: Select...
How frequently should I be posting the RCM consolidated entry is it monthly or daily?
The RCM consolidated entry can be posted on a monthly basis or daily basis depending on your requirement, as in both monthly basis and daily basis posting of consolidate voucher for RCM is similar.
Daily Basis Posting:
If you choose daily basis posting, you need to specify the date range...
