Frequently Asked
Questions
Find Solutions to Common Issues Related to taxation - rcm data feeding and report
I posted an RCM entry manually but it is not showing in the system. How can I link my manual RCM entries with the 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
I made an RCM entry in the voucher but it is not getting reflected in my returns. What could be the reason?
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
What is the process to reconcile RCM tax paid with RCM tax liability?
To reconcile RCM tax paid with RCM tax liability, you need to follow these steps:
1. Go to the GST Summary screen in BUSY.
2. Select the option to view the RCM tax paid and RCM tax liability.
3. Compare the amounts of RCM tax paid and RCM tax liability.
4. If there is any difference, adjust it by passing the necessary entries.
5. Make sure to update the RCM tax liability and RCM tax paid amounts accordingly.
6. Once the amounts are reconciled, the RCM tax paid should match the RCM tax liability.
By following these steps, you can reconcile RCM tax paid with RCM tax liability in BUSY.
How do I link invoices to RCM vouchers in BUSY?Duplicate
To link the sales and purchase voucher to RCM, you need to select RCM sales/purchase type in BUSY by following steps:
Step 1: Go to transaction section then click on sales or purchase voucher type
Step 2: Select the add option then create the invoices with RCM sales/purchase type.
Step 3: After update the requird details, save the invoice.
To link the journal entry voucher to Rcm, you need to select RCM expense in GST nature by Follow these steps:
Step 1: Go to Transactions section then Click on Journal Voucher option.
Step 2: Select the add option and create the voucher with voucher series, date, number, RCM expenses in GST nature and post accounting entry for same.
Where can I find the consolidated details for RCM entries made in BUSY?.
To find the consolidated details for RCM entries made in BUSY, you need to follow below steps:
Steps 1: Go to list of purchase voucher and check does the RCM entries purchase type is under RCM category
Steps 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
Steps 3: If all the entries were properly entered then go to transaction menu click on gst misc utilities
Steps 4: Click on Check post consolidated RCM then click on monthly and select the month to find the RCM expenses entry in BUSY.
How do I create a service item for freight charges with applicable GST rate in BUSY?.
To create a service item for freight charges with the right GST rate in BUSY:
Open BUSY Software.
Step 1: In the Masters menu, go to Items/Products under the Administration option.
Step 2: Click Add to make a new item.
Step 3: Fill in details for the freight charges item, like its name, code, and description.
Step 4: In the Tax section, choose the correct GST rate for freight charges and enter the SAC code.
Step 5: Specify sales and purchase accounts, like Freight & Forwarding Charges.
Step 6: Save the item.
Now, you can use this service item with the correct GST rate when making invoices in BUSY.
How do I link or mark a payment made to a vendor against a particular invoice in BUSY?.
To link or mark a payment made to a vendor against a particular invoice in BUSY, you can follow these steps:
1. Open the payment voucher in BUSY.
2. In the voucher, select the vendor against whom the payment was made.
3. Enter the payment details such as the payment mode, amount, and date.
4. In the "Bill Details" section, select the invoice against which the payment is to be linked.
5. Enter the amount paid against that invoice.
6. Save the payment voucher.
By following these steps, you will successfully link or mark a payment made to a vendor against a specific invoice in BUSY.
I am unable to find the RCM consolidated entry in the journal vouchers. What am I missing?
If you are unable to find the RCM consolidated entry in the journal vouchers, it is possible that you have not yet posted the consolidated RCM payable entry. Please make sure to follow the process of posting the consolidated RCM payable entry after booking the RCM expense voucher.
Step 1 : Go to GST misc utilities > Select Check post consolidate RCM payable voucher > Select Monthly basis > mention month > and press F4 to post consolidate voucher.
Step 2 : After posting entry go in Display > GST report > GST summary and check RCM head to verify that the entry in posted correctly.
How do I record receipt of services with GST through purchase voucher in BUSY?.
To record the receipt of services with GST through a purchase voucher in BUSY, follow these steps:
1. Go to the Transaction option.
2. Open a Purchase Voucher in BUSY & click on add option.
3. Choose the series, date, invoice number, and purchase type.
4. Select the supplier from whom you received the services.
5. Set ITC eligibility as Input Goods/Services.
6. Enter service details like description, quantity, and rate.
7. Apply the applicable GST rate using the F4 key in the bill sundry.
8. Ensure the GST amount is calculated correctly.
9. Save the purchase voucher to record the service receipt with GST in BUSY.
Can you help me with the process of entering RCM entry in BUSY?
Yes, to enter RCM entry in BUSY, follow these steps:
Step 1: Go to transactions menu then select journal voucher and click on add.
Step 2: Enter the required details such as date, voucher number, GST nature as RCM expense.
Step 3: Debit your expense head and make sure in that RCM nature should be compulsory and tax category is mentioned.
Step 4: Credit the payment mode then save.
Step 5: Now, go to transactions menu then select GST misc utilities and click on check or post consolidated RCM payable option.
Step 6: Choose monthly or daily basis and select the period.
Step 7: Now, press F4 to post the RCM consolidated voucher then save.