Frequently Asked Questions

To book the RCM expenses in BUSY, you can follow these steps: 
 Step 1: Go to Administration tab. 
 Step 2: Click on Master and create expense account, specifying the nature as RCM expense. 
 Step 3: Click on transaction tab. 
 Step 4: Click on journal voucher, specify voucher date, select GST nature as RCM Expense and save. 
 Step 5: Click on GST Misc. Utility and select generation of report as monthly or as on date. 
 Step 6: Press F4 key to post consolidate voucher. 
 Step 7: Click on ok for automatic posting for journal voucher.

It is possible that the RCM tax payment might not have been posted correctly in the journal voucher or the right option might not have been chosen.
 Steps for Correcting or verifying RCM Tax Payment in Journal Voucher:
 1) When making the payment in the journal voucher, double-check that the GST nature is selected accurately as "GST payment to government."
 2) In the GST payment details section, ensure that the Payment type is specifically marked as "RCM payment."
 3) Confirm that the period ending is correctly specified to ensure accurate reporting of RCM payments in the GST summary report.

For reconcile RCM liability for freight charges in BUSY please follow the below steps 
 step 1: go to the GST misc. utilities option under transaction menu 
 step 2: then open Reconcile GSTR data report 
 step 3: click on Reconcile GSTR-2A (party wise or vch. wise) 
 step 4: mentioned start, end date and other relevant option also there is option called entries to be shown you can select exclude RCM , only RCM or all to reconcile report.
 step 5: after open report you can match RCM Liability etntries with JSON data entries for freight charges in BUSY.

For entering RCM expense through payment voucher, please follow below mentioned steps:
 Step 1: Create the expense master in BUSY and specify the Tax categogy and select the RCM nature as Compulsory.
 Step 2: Go to transaction menu to post payment voucher taking GST nature as RCM expense vouhcer .
 Step 3: Debit required Expense and credit the bank/cash account. 
 Step 4: After posting Expense entry, go in transaction GST misc utilities and creating expense liabiity.
 Step 5 :Select monthly or daily basis and open the report and press F4 to post consolidate voucher, Save consolidate voucher in journal.

For posting RCM through journal, please check below mentioned steps:
 Step 1: Click on Master and create expense account, specifying the nature as RCM expense. 
 Step 2: Click on transaction tab and journal voucher. 
 Step 3: Specify voucher date, select GST nature as RCM Expense.
 Step 4: Debit your RCM expense and credit the party a/c. 
 Step 5: Click on GST Misc. Utility and select generation of report as monthly or as on date. 
 Step 6: Press F4 key to post consolidate voucher. 
 Step 7: Click on ok for automatic posting for journal voucher.

In BUSY, GST RCM consolidated vouchers are auto-passed based on the default settings in the software. This means that once you enter the necessary details for the voucher, BUSY automatically processes and records it. 
 The impact of auto-passing these vouchers in BUSY is that they will be included in the GSTR1 output report. This report is used for filing GST returns and includes all the relevant information from the vouchers, including the GST RCM consolidated entries. Therefore, if you have passed a GST RCM consolidated entry in BUSY, it will be reflected in the GSTR1 output report.

You can pass RCM entries with purchase voucher entry. Kindly follow the following Steps: 
 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: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.

To find the purchase type for making an RCM purchase entry in BUSY, you can follow these steps: 
 Step 1: Go to Transactions Menu and click on Purchase vouchers. 
 Step 2: Click on Add. 
 Step 3: Select Series name, date, Voucher no., Type. 
 Step 4: After type option you will get Purchase Type option. 
 Step 5: You can select Purchase type as Local-RCM / UnReg , Central-RCM / UnReg or Service Import-RCM as per party master. 
 Step 6: If RCM Purchase type master not created as than you can create as you required.

To correct errors in RCM expense entry in BUSY, you can follow these steps:
 1. Open the entry that needs correction.
 2. Make the necessary changes to the entry, such as updating the expense amount or account.
 3. Save the changes.
 4. If the entry has already been posted, you may need to reverse the entry and then re-enter it with the correct information.
 5. Double-check the entry to ensure that all the details are accurate.
 6. Finally, save the corrected entry.
 By following these steps, you can correct any errors in RCM expense entry in BUSY.

To view RCM (Reverse Charge Mechanism) expenses on a monthly basis, follow these simpler steps:
 Step 1: Go to the Transaction Menu.
 Step 2: Choose GST Misc. Utilities and Check/Post Consolidated RCM Payable.
 Step 3: In the Check/Post Consolidated RCM Payable, pick whether you want to see the report on a monthly or daily basis.
 Step 4: Specify date range or month for which you want to view the report. Then, press the Ok button.
 In this report, you will find all the RCM expenses incurred during the selected period, including those recorded in journals, payments, and purchase vouchers.