Frequently Asked Questions

for want to know which accounts select while passing RCM payment entry in BUSY please follow below steps 
 Step 1: Choose the GST nature as GST payment to Government. This setting ensures that the transaction is identified as a payment specifically for GST to the government. 
 Step 2: Once you've select the nature of the transaction, proceed to select the relevant GST accounts associated with the RCM liability on the debit side of the transaction. On the credit side, choose the bank or cash account from which the payment will be made.

In BUSY, Rcm consolidate entry will not post automatically. However, you need to post entry manually by following these steps:
Step 1: Go transaction section then select GST Misc. Utilities menu.
Step 2: Now, Click on Check/Post consolidate RCM payable option and then you have to select the range for which RCM consolidate to be post. You can either select Monthly basis or daily basis.
Step 3: Next, Mention the date range/month and open the RCM payable report.
Step 4: Select the entry and can post RCM consolidate entry by Pressing Function key F4 and save the window.

"To record RCM expenses in GST, 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.

To enter the billing for a purchase with 5% GST from a composition dealer in BUSY, you need to follow these steps:
 1. Go to the Purchase Voucher Entry screen in BUSY.
 2. Select the party name (the composition dealer) from the party master.
 3. Enter the purchase details such as the item name, quantity, rate, and amount.
 4. In the GST column, select the tax rate as 5%.
 5. Complete the voucher entry and save it.
 This will record the purchase with 5% GST from a composition dealer in BUSY.

To generate a report for RCM (Reverse Charge Mechanism) expenses in BUSY, follow these steps:
 1. Open BUSY and go to the Reports section.
 2. Choose GST Reports.
 3. Look for the GST audit reports and select them.
 4. Then, pick GST Expense Audit.
 5. You can select expenses GST nature-wise or GST nature-expense-wise.
 6. Choose RCM Expense as the GST nature.
 7. In the report settings, set the date range you want for the report.
 8. Click OK to proceed.
 9. The report will display the details of your RCM expenses.

To generate a report for RCM (Reverse Charge Mechanism) expenses in BUSY, follow these steps:
 1. Open BUSY and go to the Reports section.
 2. Choose GST Reports.
 3. Look for the GST audit reports and select them.
 4. Then, pick GST Expense Audit.
 5. You can select expenses GST nature-wise or GST nature-expense-wise.
 6. Choose RCM Expense as the GST nature.
 7. In the report settings, set the date range you want for the report.
 8. Click OK to proceed.
 9. The report will display the details of your RCM expenses.

To create an account for RCM expenses in BUSY, you can follow these steps:
 1. Open BUSY and go to the "Accounts" menu.
 2. Select "Ledger" and then click on "Create" to create a new ledger account.
 3. Enter a suitable name for the account, such as "RCM Expenses."
 4. Choose the appropriate group for the account, such as "Expenses" or "Indirect Expenses."
 5. Set the "GST Nature" as "RCM Expenses" for this account.
 6. Save the account details.
 Now you have successfully created an account for RCM expenses in BUSY.

The process of Entry and adjustment of RCM voucher in BUSY is :-
 1: Do enter RCM Expense voucher in journal voucher by selecting RCM Expense in Gst nature.
 2: Then consolidate RCM expense voucher by Transaction - Gst mis utility- check post consolidate RCM Payable and then consolidate it by f4.
 3: After consolidate RCM expense entry then go to GST Summary and then press F4 and press first option RCM PAYMENT and save it adn then press second tab in same window for RCM to Regular Tax adjustment.

To book an unregister Purchase for car Expense in BUSY follow the steps 
 Step1 Go to the transaction menu and select Purchase and add
 Step2 fill series name date Voucher number and select Purchase type as RCM Unreg and 
 need to ensure purchase type tax type must be RCM Unreg 
 Step3 fill the unregister party name 
 Step4 enter item name of Car expense and make sure item master must have the tax category properly 
 Step5 fill the item quantity rate and amount and save voucher

In the BUSY software, most of the standard GST reports include columns for HSN (Harmonized System of Nomenclature) and GST rates. However, if you come across a specific report that doesn't have these columns and you're using the Standard or Enterprise Edition of BUSY, you can add these fields to the report by using Custom Column otherwise you can check other similar reports available in the GST Report menu. Reports like the Supply Outward Register and Supply Inward Register typically contain all the important GST-related information you might need.