Frequently Asked
Questions
Find Solutions to Common Issues Related to taxation - rcm data feeding and report
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...
I want to charge RCM on freight, how do I do that in BUSY?
To enter RCM entry in BUSY for Charge RCM on freight, follow the below-given steps:
Step 1: Go to the Administration menu and click on the Master option.
Step 2: Click on the Account option and create a Freight account under Group Indirect
Expense.
Step 3: Define RCM Nature...
How to adjust RTM expenses against accounts payable in BUSY?.
To adjust RCM expenses against payable in BUSY, please follow below steps :
Step 1: go to 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...
Why is the RCM tax not getting posted automatically in the sales invoice when I select RCM while creating the invoice in BUSY?
If you are not getting posted sale invoice under RCM,you have to create sale type for rcm in sale voucher and can follow these steps to record rcm sale voucher
If are not able to record sale transaction under reverse charge,check in sale type if reverse sale type is...
Where should I enter the taxable value in the RCM voucher? Can you guide me?.
To enter taxable value in RCM Voucher Kindly follow the following Steps:
Step 1: Go to Transactions Menu Click on Journal Voucher option.
Step 2: Under the Journal Voucher click on add. option.
Step 3: Enter Journal Voucher Header details - Select Voucher Series name, date, voucher no.,
Step 4:...
How do I record reverse charge transactions in BUSY?
To record reverse charge transactions in purchase voucher in BUSY Software you can follow the Steps.
Step 1. Open BUSY Software
Step 2. Open company
Step 3. Go to transaction menu click
Step 4. In purchase type you have to select the rcm unregistered purchase type.
Step 5. In...
The RCM tax amount is not getting reflected in the RCM payable/receivable sections under GST summary. What should I check?
If the RCM tax amount is not getting reflected in the RCM payable/receivable sections in GST summary report, you should check if the RCM expenses voucher have been correctly booked and if the consolidated RCM payable entry has been posted.
Please follow below steps to post RCM expense and consolidate RCM payble voucher correctly.
Step 1: Create the expense master in BUSY, to create go in Administartion > Maters > Click on Accunt > Add and mention the expense. Specify Tax categogy and Cumpolsory under RCM expense in the expense account.
Step 2: Now select transations menu to post RCM expense vouhcer > Select journal voucher > Click on Add.
Step 3: Sepecify RCM expense under GST nature for booking RCM entry.
Step 4: Debit required Expense and credit the party account.
Step 5: After posting Expense entry, go in transaction > GST misc utilities > Select Check post consolidate RCM payable voucher.
Step 6 : Select monthly or daily basis and open the report and press F4 to post consolidate voucher, Save consolidate voucher in journal.
After posting the RCM consolidate voucher make sure to verify GST summay report to view the data is reflecting correctly in the report.
I am trying to create a sales invoice with reverse charge mechanism (RCM) in BUSY but the RCM tax is not getting calculated automatically. How can I resolve this?
In BUSY if you wants to record sale transaction as rcm then sale type for rcm should be created and when you select sale type as rcm,it doesnot calculate tax in sale voucher and is only to show transaction as rcm ,follow these steps to record sale invoice under rcm
Step 1 Open your company
Step 2 Go to transactions
Step 3 Then select sale voucher and proceed to add
Step 4 Now select series,date voucher number ect.
Step 5 While adding sale voucher,in sale type you have to select sale type as RCM or you can create by clicking F3 in sale type and then add name as rcm and select specify sales account and then taxation type as reverse charge and region local or central and save the sale type
Step 6 Now after selecting sale type,proceed to add party,itme details and other details and save the sale voucher
Step 7 After saving voucher,in sales invoice print also you can check,it will show reverse charge in header as yes
Note:When RCM in sale invoice is used,it doesnot calculate tax and is only to show sales invoice as rcm invoice as shown in sale invoice print also
How do I handle RCM adjustments or corrections in the software? How can I enter my RCM expenses into the software?
To Correct a mistake in RCM entries and enter RCM expenses into BUSY Kindly follow the following Steps:
Step 1: Go to Transactions Menu Click on Journal Voucher option.
Step 2: Under the Payment Voucher click on add. option.
Step 3: Enter Journal Voucher Header details - Select Voucher Series name, date, voucher no.,
Step 4: Select GST Nature as RCM Expense
Step 4: Select debit the RCM account and enter Debit amt.
Step 5: Select credit the party account and enter Credit side amt.
Step 6: Click on Save voucher.
Step 7: If the RCM entry was recorded in a Journal Voucher Go to Transactions Menu Click on Journal Voucher option.
Step 8: Under the Journal Voucher click on modify option and Choose the voucher number you want to modify.
Step 9: Edit the Journal Voucher as necessary to correct the mistake and then save the voucher.
Step 10: 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 11: Edit Purchase Voucher as necessary to correct the mistake and then save the voucher.
How do I record RCM tax payments to government in BUSY?.
To record RCM (Reverse Charge Mechanism) payment vouchers 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 record RCM payment vouchers and click OK.
Step 5: In the GST Summary Report, press the F4 key.
Step 6: In the Post Voucher Window, click on the RCM payment button.
Step 7: Under the Generate RCM Payment Voucher screen, select the voucher type you want to use, whether it's a payment voucher or a journal voucher.
Step 8: Choose the voucher series in which you want to generate your RCM voucher.
Step 9: Select the respective account master where you want to credit your RCM payment voucher. Note that the debited RCM account master is usually selected by default, but you can change it if needed.
Step 10: Press the Save button to post the RCM Payment Voucher, and click Save on the respective RCM Payment Voucher, whether it's a journal or payment voucher.
By following these steps, you can efficiently record RCM payment vouchers in BUSY.
