Frequently Asked
Questions
Find Solutions to Common Issues Related to taxation - rcm data feeding and report
I made an RCM payment in cash. How do I record this payment in BUSY?
To record an RCM payment made in cash in BUSY, you can follow these steps:
1. Open BUSY and go to the "Payment Voucher" section.
2. Fill in the necessary details such as the payment date, payment mode (cash), and the party/vendor name.
3. In the "Ledger Account" field, select the appropriate RCM ledger account.
4. Enter the payment amount in the "Amount" field.
5. Save the payment voucher.
By following these steps, you will be able to record the RCM payment made in cash in BUSY.
Why is the consolidated GST summary not showing the entries I posted for the month?How can I ensure that my RCM payments are recorded correctly in BUSY?
For ensuring RCM payment, please follow below mentioned steps:
Step 1: Kinldy ensure that the nature of RCM expense should be compulsory.
Step 2: Click on transaction tab.
Step 3: Click on journal voucher, specify voucher date, select GST nature as RCM Expense and save.
Step 4: Click on GST Misc. Utility and select generation of report as monthly or as on date.
Step 5: Press F4 key to post consolidate voucher.
Step 6: Click on ok for automatic posting for journal voucher.
How do I link or adjust my RCM payments with the input tax credit in the next month in BUSY?
For adjusting the RCM input in the next month, please follow below mentioned steps:
Step 1: Post consolidate voucher through F4 key on monthly or daily basis.
Step 2: Go to Display tab, GST report and GST summary.
Step 3: Press F4 to post RCM payment. It will automatic post the journal voucher, where RCM Output will be debited and RCM payable A/c will be credited.
Step 4: Press F4 key to adjust RCM input to Regular Tax adjustment. It will reimburse the RCM input to regular tax.
Where can I enter invoice number manually for RCM transactions in BUSY?.
for entered invoice number manually for RCM transaction in BUSY please follow below steps
Step 1: 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 2: Select the RCM nature as Compulsory (Unreg. Dealer).
Step 3: Click on the Generate RCM Invoice No option. An invoice No will be generated, there is no need to mentioned Invoice no. manually.
Step 4: Save the voucher with the generated RCM invoice number.
How do I reconcile RCM entries with vendor invoices in BUSY?.
for reconcile RCM entries Woth Vendor Invoice See teh Flowing Step
Step 1: go to Transacttions GST Misc. Utilities then Go To Check/Post Consolidate RCM Payble Option
Step 2: Select the Option Monthly Basic or Daily Basis
Step 3: after select the Month Click on ok for generate Report
Step 4: Click on F5 for Summary and Summarise Report on Party Name also Click on Show Sub Detailes
Step 5: Now Report Will Generate Party Wise Voucher No Wise now reconcile the enteres
Do I need to do anything else after generating the RCM invoice to record input/output tax in BUSY?.
Yes after generating RCM invoice You need to follow below steps
Step 1: go to the GST miscellaneous utility under transaction menu and open the Check/Post Consolidate RCM Payable option.
Step 2:Select whether you want to view RCM payable on a monthly or daily basis. Choose the relevant month and open the report.
Step 3: Press F4 or the relevant voucher for posting the consolidated RCM payable voucher. Save the voucher to finalize the posting. After saving, this transaction you can record input/output tax in BUSY
What are the steps to pass a correct manual GST RCM consolidated entry in BUSY? How do I generate an invoice for reverse charge in BUSY?
The steps to pass a correct manual GST RCM Consolidated entry in BUSY is
go to the Journal entry select date and voucher number select gst nature as Consolidated RCM payable then
Debit the input available RCM account for particular gst category like cgst sgst igst then Credit the output
RCM of the particular gst category
To generate a invoice for reverse charge entry you have to press yes on print tax invoice on rcm option after saving
RCM consolidate voucher
How can I get the RCM entry to update automatically in BUSY?.
For update RCM entry automatically in BUSY follow the below steps
Step 1: go to the GST miscellaneous utility under transaction menu and open the Check/Post Consolidate RCM Payable option.
Step 2:Select whether you want to view RCM payable on a monthly or daily basis. Choose the relevant month and open the report.
Step 3: Press F4 for automatically posting the consolidated RCM payable voucher, there is no need to generate voucher manually . After saving voucher you can see RCM entries in GST reports
How do I change my registered company name in BUSY?.
To change your registered company name in BUSY, you can follow these steps:
1. Open BUSY.
2. Go to the "Company Info" section.
3. Select the option to edit company details.
4. Locate the field for the company name and make the necessary changes.
5. Save the changes.
6. Restart the software for the changes to take effect.
Please note that you may need to provide supporting documents or follow any additional procedures required by your local authorities for changing the registered company name.
How do I enter the RCM entries for this year?.
To Enter RCM Entry, you need to follow these Step
Step:1 We have different Model to feed RCM Entry e.g Purchase payment or Journal Voucher
Step:2 Select the Transaction option Click on add option
Step :3 after Enter the date and Voucher No then in GST Nature Detaile Select RCM Expenss
Step :4 after Select gst Nature go to voucher body debit will expenss account and press alt plus m and select RCM Neature is Compulsory
Step:5 Save the Voucher