Frequently Asked
Questions

Q: I need help understanding where exactly to record RCM expenses in the software.

To record RCM expense entry in BUSY, please follow the mentioned steps. Step 1: Go in Administartion tab Step 2: Click on Add account master and add the expense A/c. Step 3: Specify Tax categogy and RCM nature as compulsory. Step 4: Go to transations menu and add journal voucher Step 5: Specify date and select GST nature as RCM expense Step 6: Debit required Expense A/c, credit the party account and save voucher. Step 7: Go to GST misc utilities and click on check post consolidate RCM payable voucher . Step 8: Select report basis as on date or month basis and open the report. Step 9: Press F4 to post consolidate voucher.

Q: How to post RCM liability in BUSY?.

To post RCM liability in BUSY do following steps step 1:Access GST Miscellaneous Utilities Navigate to this option under transaction menu. step 2:Choose Check/Post Consolidated RCM Payable Click on this option within the GST miscellaneous utilities. step 3:Select RCM Payable Mode Choose either monthly or daily basis for managing RCM payables. step 4:Choose the Period Select the month for consolidating RCM payables and generate the report. step 5:After opening the report, use the F4 key to generate a consolidated RCM payable voucher. Choose the relevant series and date,then save the voucher. step 6:While saving the voucher, you'll be prompted to enter relevant details regarding reverse charge liability Fill in this information and save the voucher.

Q: How to create a RCM entry through journal voucher?

To create a rcm entry through journal voucher then follow the below steps. Step 1: In the expense or fixed assets account ,mention the tax category, select the rcm nature as compulsory and as import services if you have purchased any service from other country. Step 2: Click on Transactions and then journal Step 3: Then Add and select the gst nature as rcm entry then debit the expense or fixed asset account and then credit the cash or party account. Step 4: Go to transactions and then gst misc utilities Step 5: Then check/post consolidated rcm payable after that select the entry and press f4 for posting the consolidated voucher then rcm entry will reflect in the gst report.

Q: How to Feed RCM entry?

See the folowing Step for RCM Payble Entry Post Step 1: Go to transction Menu Click on GST Misc. Utlities Step 2: then Go to Check Post Consolidated RCM Payble Menu select the option Monthly Basis or Daily Basis as requried Step 3: After Select the Month Click on ok Step 4: In RCM payble Monthly Basis Windows Use Key F4 for post Consolidate RCM Payble Voucher Step 5: Select Journal Voucher Series and Voucher Date then Click on Save Step 6: In Consololidated RCM Payble Journal Voucher Screen Click on Save Step 7: after Click on Save Click on Generate RCM Invoice No and Click on Save

Q: I used to post the RCM voucher from the Check and Post Consolidated RCM Payable option, how do I do it now?.

See the folowing Step for RCM Payble Entry Post Step 1: Go to transction Menu Click on GST Misc. Utlities Step 2: then Go to Check Post Consolidated RCM Payble Menu select the option Monthly Basis or Daily Basis as requried Step 3: After Select the Month Click on ok Step 4: In RCM payble Monthly Basis Windows Use Key F4 for post Consolidate RCM Payble Voucher Step 5: Select Journal Voucher Series and Voucher Date then Click on Save Step 6: In Consololidated RCM Payble Journal Voucher Screen Click on Save Step 7: after Click on Save Click on Generate RCM Invoice No and Click on Save

Q: I have been doing GST entries from the beginning, how should I post the RCM voucher?.

See the folowing Step for RCM Payble Entry Post Step 1: Go to transction Menu Click on GST Misc. Utlities Step 2: then Go to Check Post Consolidated RCM Payble Menu select the option Monthly Basis or Daily Basis as requried Step 3: After Select the Month Click on ok Step 4: In RCM payble Monthly Basis Windows Use Key F4 for post Consolidate RCM Payble Voucher Step 5: Select Journal Voucher Series and Voucher Date then Click on Save Step 6: In Consololidated RCM Payble Journal Voucher Screen Click on Save Step 7: after Click on Save Click on Generate RCM Invoice No and Click on Save

Q: How do I calculate the GST amount for RCM entries on exempted supplies in BUSY?.

for Calculate RCM Tax Amount follow the Step Step 1: go to Transacttions GST Misc. Utilities then Go To Check/Post Consolidate RCM Payble Option Step 2: Select the Option Monthly Basic or Daily Basis Step 3: after select the Month Click on ok for generate Report Step 4: in RCM Payble Monthly Basis Windows Click Function Key F4 select Voucher Series and Voucher Date then Click on Save Tab Step 5:after Click on Save Tab popup Msg box Comeing Click ok Yes then Click on Save Step 6: While Click on Save a New Windows Come Reverse Charge Liability click on Generate RCM Invoice No then Click on Save

Q: How do I consolidate RCM payable on a quarterly basis in BUSY?

In BUSY, you have the option to post consolidated RCM (Reverse Charge Mechanism) payables on a monthly and daily basis. However, there is no specific option available for quarterly basis entries. You can post RCM consolidated entry by follow these steps: Step 1: Go transaction section then select GST Misc. Utilities menu. Step 2: Now, Click on Check/Post consolidate RCM payable option and then you have to select the range for which RCM consolidate to be post. You can either select Monthly basis or daily basis. Step 3: Next, Mention the date range/month and open the RCM payable report. Step 4: Select the entry and can post RCM consolidate entry by Pressing Function key F4 and save the window.

Q: How do I calculate the tax amount for RCM entries in BUSY?.

for Calculate RCM Tax Amount follow the Step Step 1: go to Transacttions GST Misc. Utilities then Go To Check/Post Consolidate RCM Payble Option Step 2: Select the Option Monthly Basic or Daily Basis Step 3: after select the Month Click on ok for generate Report Step 4: in RCM Payble Monthly Basis Windows Click Function Key F4 select Voucher Series and Voucher Date then Click on Save Tab Step 5:after Click on Save Tab popup Msg box Comeing Click ok Yes then Click on Save Step 6: While Click on Save a New Windows Come Reverse Charge Liability click on Generate RCM Invoice No then Click on Save

Q: I used to book expenses directly in F and the RCM voucher was created automatically. How do I do it now?

for post RCM Voucher folow the folowing Step Step 1: Go to transction Menu Click on GST Misc. Utlities Step 2: then Go to Check Post Consolidated RCM Payble Menu select the option Monthly Basis or Daily Basis as requried Step 3: After Select the Month Click on ok Step 4: In RCM payble Monthly Basis Windows Use Key F4 for post Consolidate RCM Payble Voucher Step 5: Select Journal Voucher Series and Voucher Date then Click on Save Step 6: In Consololidated RCM Payble Journal Voucher Screen Click on Save Step 7: after Click on Save Click on Generate RCM Invoice No and Click on Save

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I need help understanding where exactly to record RCM expenses in the software.

To record RCM expense entry in BUSY, please follow the mentioned steps. 
 Step 1: Go in Administartion tab
 Step 2: Click on Add account master and add the expense A/c.
 Step 3: Specify Tax categogy and RCM nature as compulsory.
 Step 4: Go to transations menu and add journal voucher
 Step 5: Specify date and select GST nature as RCM expense
 Step 6: Debit required Expense A/c, credit the party account and save voucher. 
 Step 7: Go to GST misc utilities and click on check post consolidate RCM payable voucher .
 Step 8: Select report basis as on date or month basis and open the report.
 Step 9: Press F4 to post consolidate voucher.

How to post RCM liability in BUSY?.

To post RCM liability in BUSY do following steps 
 step 1:Access GST Miscellaneous Utilities Navigate to this option under transaction menu.
 step 2:Choose Check/Post Consolidated RCM Payable Click on this option within the GST miscellaneous utilities.
 step 3:Select RCM Payable Mode Choose either monthly or daily basis for managing RCM payables.
 step 4:Choose the Period Select the month for consolidating RCM payables and generate the report.
 step 5:After opening the report, use the F4 key to generate a consolidated RCM payable voucher. Choose the relevant series and date,then save the voucher.
 step 6:While saving the voucher, you'll be prompted to enter relevant details regarding reverse charge liability Fill in this information and save the voucher.

How to create a RCM entry through journal voucher?

To create a rcm entry through journal voucher then follow the below steps.
Step 1: In the expense or fixed assets account ,mention the tax category, select the rcm nature as compulsory and as import services if you have purchased any service from other country.
Step 2: Click on Transactions and then journal
Step 3: Then Add and select the gst nature as rcm entry then debit the expense or fixed asset account and then credit the cash or party account.
Step 4: Go to transactions and then gst misc utilities
Step 5: Then check/post consolidated rcm payable after that select the entry and press f4 for posting the consolidated voucher then rcm entry will reflect in the gst report.

How to Feed RCM entry?

See the folowing Step for RCM Payble Entry Post 
 Step 1: Go to transction Menu Click on GST Misc. Utlities 
 Step 2: then Go to Check Post Consolidated RCM Payble Menu select the option Monthly Basis or Daily Basis as requried 
 Step 3: After Select the Month Click on ok 
 Step 4: In RCM payble Monthly Basis Windows Use Key F4 for post Consolidate RCM Payble Voucher 
 Step 5: Select Journal Voucher Series and Voucher Date then Click on Save 
 Step 6: In Consololidated RCM Payble Journal Voucher Screen Click on Save 
 Step 7: after Click on Save Click on Generate RCM Invoice No and Click on Save

I used to post the RCM voucher from the Check and Post Consolidated RCM Payable option, how do I do it now?.

See the folowing Step for RCM Payble Entry Post 
 Step 1: Go to transction Menu Click on GST Misc. Utlities 
 Step 2: then Go to Check Post Consolidated RCM Payble Menu select the option Monthly Basis or Daily Basis as requried 
 Step 3: After Select the Month Click on ok 
 Step 4: In RCM payble Monthly Basis Windows Use Key F4 for post Consolidate RCM Payble Voucher 
 Step 5: Select Journal Voucher Series and Voucher Date then Click on Save 
 Step 6: In Consololidated RCM Payble Journal Voucher Screen Click on Save 
 Step 7: after Click on Save Click on Generate RCM Invoice No and Click on Save

I have been doing GST entries from the beginning, how should I post the RCM voucher?.

See the folowing Step for RCM Payble Entry Post 
 Step 1: Go to transction Menu Click on GST Misc. Utlities 
 Step 2: then Go to Check Post Consolidated RCM Payble Menu select the option Monthly Basis or Daily Basis as requried 
 Step 3: After Select the Month Click on ok 
 Step 4: In RCM payble Monthly Basis Windows Use Key F4 for post Consolidate RCM Payble Voucher 
 Step 5: Select Journal Voucher Series and Voucher Date then Click on Save 
 Step 6: In Consololidated RCM Payble Journal Voucher Screen Click on Save 
 Step 7: after Click on Save Click on Generate RCM Invoice No and Click on Save

How do I calculate the GST amount for RCM entries on exempted supplies in BUSY?.

for Calculate RCM Tax Amount follow the Step 
 Step 1: go to Transacttions GST Misc. Utilities then Go To Check/Post Consolidate RCM Payble Option 
 Step 2: Select the Option Monthly Basic or Daily Basis 
 Step 3: after select the Month Click on ok for generate Report 
 Step 4: in RCM Payble Monthly Basis Windows Click Function Key F4 select Voucher Series and Voucher Date then Click on Save Tab 
 Step 5:after Click on Save Tab popup Msg box Comeing Click ok Yes then Click on Save 
 Step 6: While Click on Save a New Windows Come Reverse Charge Liability click on Generate RCM Invoice No then Click on Save

How do I consolidate RCM payable on a quarterly basis in BUSY?

In BUSY, you have the option to post consolidated RCM (Reverse Charge Mechanism) payables on a monthly and daily basis. However, there is no specific option available for quarterly basis entries. You can post RCM consolidated entry by follow these steps:
Step 1: Go transaction section then select GST Misc. Utilities menu.
Step 2: Now, Click on Check/Post consolidate RCM payable option and then you have to select the range for which RCM consolidate to be post. You can either select Monthly basis or daily basis.
Step 3: Next, Mention the date range/month and open the RCM payable report.
Step 4: Select the entry and can post RCM consolidate entry by Pressing Function key F4 and save the window.

How do I calculate the tax amount for RCM entries in BUSY?.

for Calculate RCM Tax Amount follow the Step 
 Step 1: go to Transacttions GST Misc. Utilities then Go To Check/Post Consolidate RCM Payble Option 
 Step 2: Select the Option Monthly Basic or Daily Basis 
 Step 3: after select the Month Click on ok for generate Report 
 Step 4: in RCM Payble Monthly Basis Windows Click Function Key F4 select Voucher Series and Voucher Date then Click on Save Tab 
 Step 5:after Click on Save Tab popup Msg box Comeing Click ok Yes then Click on Save 
 Step 6: While Click on Save a New Windows Come Reverse Charge Liability click on Generate RCM Invoice No then Click on Save

I used to book expenses directly in F and the RCM voucher was created automatically. How do I do it now?

for post RCM Voucher folow the folowing Step 
 Step 1: Go to transction Menu Click on GST Misc. Utlities 
 Step 2: then Go to Check Post Consolidated RCM Payble Menu select the option Monthly Basis or Daily Basis as requried 
 Step 3: After Select the Month Click on ok 
 Step 4: In RCM payble Monthly Basis Windows Use Key F4 for post Consolidate RCM Payble Voucher 
 Step 5: Select Journal Voucher Series and Voucher Date then Click on Save 
 Step 6: In Consololidated RCM Payble Journal Voucher Screen Click on Save 
 Step 7: after Click on Save Click on Generate RCM Invoice No and Click on Save

Frequently AskedQuestions