Frequently Asked
Questions
Find Solutions to Common Issues Related to taxation - rcm data feeding and report
I seem to have missed booking the RCM expense voucher for July. How can I consolidate 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
I am getting an opening balance error in RCM entry in BUSY, how to fix it?.
To fix the error in opening balance in RCM entry in BUSY you need
to follow the steps
Step1 Go to previous year and check the RCM entries generated
by you are correct then check for the generated RCM entries you
have posted RCM consolidation entry or not
Step2 Go to display menu and click gst reports
Step3 click on gst summaries and click GST summary
Step4 select the period and ok then press F4
Step5 adjust RCM with regular tax and save the journal
Step6 then go to administration menu and click on check financial year
and carry forward data to next year
How to correct errors in RCM data entered in BUSY?.
for correct errors in RCM data entered in BUSY
Step 1: If the RCM entry was recorded in a Journal Voucher Go to Transactions Menu Click on Journal Voucher option.
Step 2: Under the Journal Voucher click on modify option and Choose the voucher number you want to modify.
Step 3: Edit the Journal Voucher as necessary to correct the mistake and then save the voucher.
Step 4: If the RCM entry was done using a Purchase Voucher, so Go to Transactions Menu Click on purchase Voucher option and Choose the voucher number you want to modify.
Step 5: Edit Purchase Voucher as necessary to correct the mistake and then save the voucher.
How To Consolidate RCM Entry in BUSY Software
for Consolidate 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
Where do I consolidate from in BUSY?.
for Consolidate 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
Where is the RCM entry for November? I don't see it.
For not showing RCM entries for the month of November due to improper voucher entries
to check the RCM entries for the month of november follow the steps
1 Go to list of purchase voucher and check does the RCM entries purchase type is under RCM category
2 If you made RCM expenses entry then check the expense ledger RCM nature is under Compusory and expense voucher ITC Eligibility option is selected as RCM Expense
3 if all the entries were properly entered then go to transaction menu click on gst misc utilities
4 Click on Check post consolidated RCM then click on monthly and select the month November
My RCM payments are not showing in the input credit. How do I reflect this in the software?
To reflect your RCM payments in the input credit in BUSY, you can use the RCM to Regular Tax Adjustment option in the GST Summary screen. This will help you adjust the RCM paid input tax against your regular GST liability.
To pass entries for RCM to Regular Tax Adjustment Kindly follow the following Steps:
Step 1: Go to Display Menu and Click on GST Reports.
Step 2: Click on GST Summaries and click on GST Summary option.
Step 3: Select the details starting date,ending date and click on OK
step 4: use F4 key you will popup post voucher window select RCM to Regular Tax adjustment option.
What are the different options for RCM expenses in BUSY compulsory, service import based on daily limit, etc?
The concept of Reverse Charge Mechanism (RCM) was introduced in erstwhile Service Tax laws. Normally, the supplier of goods or services or both charges and collects the GST from the recipient and deposits the same with Government. However, under the RCM, the liability to deposit tax shifts from the supplier to the recipient. The concept of RCM is incorporated under GST, but in GST regime Government has notified not only supply of certain services but also supply of certain goods under RCM. The objective of RCM is to widen the scope of levy of tax on unorganized sectors and give exemption to specific class of supplier of goods/services and import of services.
What are the steps to record an RCM purchase entry against a vendor bill in BUSY?.
To record an RCM purchase entry against a vendor bill in BUSY, follow these steps:
1. Go to the "Purchase Voucher" option in the software.
2. Select the vendor bill for which you want to record the RCM purchase entry.
3. Enter the necessary details such as the vendor's name, invoice number, and date.
4. In the "GST Details" section, select the appropriate RCM tax rate and enter the taxable amount.
5. The software will automatically calculate the RCM tax amount based on the tax rate and taxable amount.
6. Verify the details and save the entry.
7. The RCM purchase entry will now be recorded against the vendor bill in BUSY.
I am not able to enter RCM entry in BUSY.How can I resolve this?
To correctly record an RCM entry in BUSY, follow these steps:
Choose the appropriate voucher type (Purchase Voucher or Journal Voucher) based on the nature of the transaction.
Step 1: Go to transactions Menu click on Purchase voucher option.
Step 2: Under Purchase voucher click on Add.
Step 3: In Purchase voucher header select Series name, date, vch no. type.
Step 4: Select Purchase Type: Local-RCM / UnReg or Service Import-RCM or as required.
Step 5: Select ITC Eligibility: Input Goods/Services and will get option for reverse charge: Compulsory or Service Import as required.
Step 6: Enter item details qty & price and general purchase entry details.
Step 7: Save Purchase Vouchers.