Frequently Asked
Questions
Find Solutions to Common Issues Related to taxation - rcm data feeding and report
Is there any audio coming through from my end? What is the process to enter the RCM voucher in BUSY?
Yes the audio coming from your end
To enter the RCM Voucher in BUSY you need to follow the steps
You can generate RCM voucher from purchase transaction for that you have to follow the steps
1 Go to Purchase transaction from transaction menu and add
2 put the voucher seires date voucher number and select purchase type as RCM Unreg which tax type
should be RCM Unreg
3 select the RCM party master and make sure Item master have the proper tax category selected
4 Fill other details of item quantity rate and amount and save the purchase bill number and date then save
You can also generate RCM voucher from payment or Journal voucher follow the steps to do
1 Go to payment or journal voucher from transaction menu
2 click on add option and fill series date voucher number
3 select the GST nature as RCM Expense and make sure Expense ledger have mentioned the tax rate and
RCM nature selected compulsory
4 then Debit the expense and Credit the cash bank or party
How can I correct any errors in the RCM entries for freight charges in BUSY? How can I activate my BUSY license?
for correct any error in the RCM entries for freight charges follow the below steps
step 1: Go to the RCM transactions & open particular voucher which you want to modify or correct any error
step 2: after open voucher correct error & feed relevant details then save voucher
For activate BUSY license you need your BUSY sr no and activation key then you can activate your BUSY license for activate license please follow the below steps
step 1: open BUSY then click on license management option
step 1: click on softlock registration
step 2: registered softlock with HDD
step 3: mentioned valid sr no and activation key
step 4: then entered all relevant deatils related you organisation like name , address pincode ,contact no etc.
step 5: then mentioned your email id & generate one registration password for registered softlock license .
step 6: after that the softlock file received on your email id , in email download softlock attachment file and copy that file in BUSY win folder
step 7: re-open BUSY your BUSY show in softlock.
How to record RCM expenses as a bill in BUSY?.
To record RCM (Reverse Charge Mechanism) expenses in BUSY, follow these steps:
1: Make sure you have an RCM expense entry that needs to be recorded.
2: In BUSY, go to GST Misc. Utilities.
3: Within GST Misc. Utilities, select Check/Post Consolidated RCM Payable.
4: Choose either Monthly Basis or Daily Basis, depending on your preference.
5: Select the relevant month or date range for which you want to record the RCM payable expenses.
6: You will see the RCM payable monthly/daily basis report.
7: If you wish to post the RCM liability, follow these steps:
A. In the RCM Payable Monthly Basis window, press the F4 key and proceed with the default account masters. Click Save, and confirm if you want to create a consolidated RCM payable voucher. Click Yes.
B. In the reverse charge liability window, find the option to Generate RCM Invoice Number. Click on it to generate the invoice number automatically.
C. Save this voucher to complete the process of consolidating and posting multiple RCM expenses in BUSY on a daily or monthly basis.
D. Then you can print Tax invoice/Bill for RCM.
I want to record a sale transaction under RCM in BUSY but I'm unable to tag the RCM tax to the sale. What should I do?
If are not able to record sale transaction under reverse charge,check in sale type if reverse sale type is created and to record sale inovice under rcm,follow these steps
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
What is the procedure to record RCM liability for freight charges paid to an unregistered supplier in BUSY?.
For know the procedure to record RCM liability for freight charges paid on unregistered supplier please follow the below steps
Step 1: need to entered RCM expense voucher entry for freight charges under journal voucher option
step 2: then select date & GST nature as RCM expenses
step 3: select expense account & party account with relevant amount . also ensure that party is unregistered then save entry.
step 4:Access GST Miscellaneous Utilities Navigate to this option within the software's transaction menu.
step 5:After that Choose Check/Post Consolidated RCM Payable option under GST miscellaneous utilities.
step 6:Select RCM Payable Mode Choose either monthly or daily basis for managing RCM payables.
step 7:Choose the Period monthly or daily basis for consolidating RCM payables and generate the report.
step 8:After opening the report, use the F4 key to generate a consolidated RCM payable voucher. Choose the relevant series and date,then save the voucher.
step 9:While saving the voucher, you'll be prompted to RCM nature, BUSY automatically select as compulsory(Unreg. Dealer) in reverse charge liability and save the voucher.
Why is there no option to reverse charge an invoice in BUSY Accounting Software?
To reverse charge an invoice in BUSY , follow the steps :
Step 1: Go to transaction menu click to purchase and add
Step 2: fill series name Voucher date Number and select purchase type as RCM Unreg
then select party name
Step 3: Create a item master which tax category must be mentioned then fill item quantity
rate amount and save the voucher
To post RCM Expense entry follow the steps :
Step 1: Go to transaction menu and click on Payment or journal then click on add
Step 2: Fill voucher series date and number and select GST Nature as RCM expense
Step 3: debit the expense and credit the party or bank and need to ensure that
expense ledger have mentioned the tax category and RCM nature as Compulsory
Step 4: Save the voucher
To post Consolidate RCM entries for the month follow the process :
Step 1: go to transaction menu and click on Gst Misc utilities
Step 2: Click on check post consolidated Rcm and Select monthly then select the month
then press F4 to post consolidated RCM voucher for the mopnth
How can I pay the bill using reverse charge on all bills?
To post the RCM entry in BUSY, follow the steps :
Step 1: Go to transaction menu click to purchase and add
Step 2: fill series name Voucher date Number and select purchase type as RCM Unreg
then select party name
Step 3: Create a item master which tax category must be mentioned then fill item quantity
rate amount and save the voucher
To post RCM Expense entry follow the steps :
Step 1: Go to transaction menu and click on Payment or journal then click on add
Step 2: Fill voucher series date and number and select GST Nature as RCM expense
Step 3: debit the expense and credit the party or bank and need to ensure that
expense ledger have mentioned the tax category and RCM nature as Compulsory
Step 4: Save the voucher
To post Consolidate RCM entries for the month follow the process :
Step 1: go to transaction menu and click on Gst Misc utilities
Step 2: Click on check post consolidated Rcm and Select monthly then select the month
then press F4 to post consolidated RCM voucher for the mopnth
I'm unable to find the RCM tax fields while creating a sales invoice in BUSY. Where can I specify that the sale is under RCM?
If are not able to record sale transaction under reverse charge,check in sale type if reverse sale type is created and to record sale inovice under rcm,follow these steps
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
Why am I unable to tag a particular tax rate as RCM tax in BUSY? What configuration do I need to do?
In BUSY you dont have to configure tax catgory master for rcm and it will be used for other transactions,to tag or reflect rcm entry in gst reports,you have to check these points
Step 1: You have to enter purchase with the sale type of RCM and Revese charge
must be selected as Compusory.
Step 2: If you record RCM entry through journal voucher then in the master of expense
RCM nature must be set as compulsary then and GST nature must selected
as RCM expense.
Step 3: Then for the pass the entry of consolidate you need to go to transaction then
GST misc. utilities. then post consolidated RCM payable.
Step 4: Then monthly basis and month in which RCM voucher falls. then here a
report of all RCM voucher will be shown then for post RCM consolidate
press F4. then save the voucher of consolidate.
Step 5: After the entry of the consolidate your RCM entry will be reflect in your GST
report.
How can I ensure that RCM is being applied correctly?
If you want to ensure that RCM is applied correctly please check given steps:
If you have did the RCM entry from journal or payment voucher check the below steps:
Step 1: Make sure you have do the correct entry
Step 2: Ensure that GST nature should be selected as RCM expense and in expense account rcm nature should be selected as compulsory
Step 3: Afterwards go to the transactions menu and click on GST miscellaneous utilities
Step 4: Then click on check/post consolidated RCM payable monthly or daily as required
Step 5: Press F4 after opening the report and press save button to save the consolidate voucher
If you have did the RCM entry through purchase voucher check the below steps:
Step 1: Make sure you have selected correct purchase type for RCM
Step 2: Make sure reverse charge should be selected as Compulsory
Step 3: Afterwards go to the transactions menu and click on GST miscellaneous utilities
Step 4: Click on check/post consolidated RCM payable monthly or daily as required
Step 5: Press F4 after opening the report and press save button to save the consolidate voucher
