Frequently Asked
Questions
Find Solutions to Common Issues Related to taxation - rcm data feeding and report
How to adjust the RCM that is not getting adjusted in BUSY?.
To adjust RCM that is not getting adjusted in BUSY you need to follow the steps
Step1 Go to Display menu and click on GST Reports
Step2 Click on GST summaries and then GST summary
Step3 Select the date range for which you want to adjust RCM and pess OK
Step4 after opening the summary report press F4 key and then click on RCM to regular tax adjustment
Step5 select the series and date for passing the journal and Save
Step6 after opening the Journal voucher save it as it is generated automatically
Where to find GST Miscellaneous Utility options in BUSY? I am under composition scheme. How do I enter purchase from composition dealer in BUSY?
In transaction menu you can find GST miscellaneous utility option
for enter transaction under composition dealer as per GST no under composition scheme follow the below steps
step 1: go to the configuration option under administration.
step 2: select features & options under configurations option
step 3: select GST/VAT optioin under features & option
step 4: then select dealer type as composition & tax rate for composition scheme then save configurations
step 5: after that open new purchase invoice screen & entered purchase invoice with relavant details in invoice & save invoice
Why not loading RCM entry (Dr. and Cr.) through F4 (BUSY Shortcut) in GST Misc Transaction->GST Misc Utilities->Check/Post Consolidated RCM Payable (F4 to be Pressed)
RCM: Reverse Charge Mechanism. Under Reverse Charge, the recipient pays to the supplier an amount exclusive of GST, the recipient then pays the GST directly to the Government.
Reason: Tax category not specified in item master
How to specify tax category:
Step 1: Go to Master->Item Master-> Modify Item Master (or Press Shortcut Alt+M)
Step 2: Specify tax category as per item and save it
Step 3: Now apply F4 on Form Check/Post Consolidated RCM Payable. Now it will work
Why do users press F4 on this Form?
What will be debited and what will be credited according to the RCM Entry.
After making an RCM purchase entry in BUSY, how do I generate the GST liability for it?.
After making an RCM purchase entry in BUSY, you can generate the GST liability for it by posting the RCM liability to generate RCM liability you can follow these steps:
Step 1: Access GST Miscellaneous Utilities Navigate to this option within the software's transaction menu.
Step 2: After that Choose Check/Post Consolidated RCM Payable option under GST miscellaneous utilities.
Step 3: Select RCM Payable Mode Choose either monthly or daily basis for managing RCM payables.
Step 4: Choose the Period monthly or daily basis for consolidating RCM payables and generate the report.
How to record RTM expenses using a journal entry in BUSY?Potential unique s after removing duplicates:.
If you want to record RCM expenses through a journal entry please follow the below steps
Step 1: go to the Journal voucher under transaction menu & add new entry
Step 2: specify date and the GST nature as RCM expenses
Step 3:select the relevant ledger name and GST details.
Step 4: Upon completing the entry, click on the save option. While saving the voucher, a registered expenses screen will appear.
Step 5:Input all relevant details required in this screen related to the expenses being registered under RCM, then save the invoice.
how to update RCM invoice no in BUSY
for update RCM invoice no in BUSY please follow below steps
Step 1: If the party is GST registered, the invoice number is not automatically picked from Original transactions.
Step 2: If the party is unregistered,then screen for the Reverse Charge Mechanism (RCM) appears while saving the consolidated RCM entry for the reverse charged liability.
Step 3: Select the RCM nature as Compulsory (Unreg. Dealer).
Step 4: Click on the Generate RCM Invoice No option. An invoice No will be generated.
Step 5: Save the voucher with the generated RCM invoice number.
The entry for my RCM consolidated return in the previous month is not showing up. How can I view past RCM consolidated return entries in BUSY?
If the entry for your Reverse Charge Mechanism RCM consolidated return in the
previous month is not showing, please follow the given steps to view past RCM
consolidated entries.
Step 1: Go to transactions menu then checkpost consolidated RCM payable
Step 2: Then monthly basis then select month.
Step 3: Then list of rcm enteries will be shown if voucher is showing below title
liability posted then it means you have posted the consolidated entry.
Step 4: Then Select entry below liability posted then enter then entry will be
shown.
I want to record RCM charges on a monthly basis instead of annually. How can I configure that?
To record RCM entry on a monthly basis, please follow below mentioned 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 and click on add journal voucher.
Step 4: Specify voucher date, select GST nature as RCM Expense and save.
Step 5: Click on GST Misc. Utility and select generation of report as on monthly basis.
Step 6: Press F4 key to post consolidate voucher.
Step 7: Click on ok for automatic posting for journal voucher.
Where can I see the RCM and adjustment entries in BUSY after saving them?.
After making an RCM purchase entry in BUSY, you can generate the GST liability for it by posting the RCM liability to generate RCM liability you can follow these steps:
Step 1: Access GST Miscellaneous Utilities Navigate to this option within the software's transaction menu.
Step 2: After that Choose Check/Post Consolidated RCM Payable option under GST miscellaneous utilities.
Step 3: Select RCM Payable Mode Choose either monthly or daily basis for managing RCM payables.
Step 4: Choose the Period monthly or daily basis for consolidating RCM payables and generate the report.
How can I create GST categories in BUSY like IGST and CGST?.
To Create Tax Category in BUSY you can follow these steps:
Step 1: Go to Administration Menu and click on Tax Category.
Step 2: Under Tax Category click on Add
Step 3: Create Tax Category Name as GST 18 %, Select Type as goods or Services
Step 4: Enter details of IGST as 18 % and CGST 9%, SGST 9%.
Step 5: click on save.
Step 6: If you want to create IGST, CGST, SGST Master you can create in account master under group of Duties & Taxes.