Frequently Asked
Questions
Find Solutions to Common Issues Related to taxation - rcm data feeding and report
How to print reverse charge invoice and voucher in BUSY?.
To print a reverse charge invoice and voucher in BUSY, you can follow these steps:
1. Open the voucher for which you want to print the invoice and voucher.
2. Go to the "Print" option in the menu.
3. Select the "Print Voucher" option.
4. Choose the appropriate format for printing the voucher.
5. Click on the "Print" button to generate the printout of the voucher.
Please note that the steps may vary slightly depending on the version of BUSY you are using.
How can I set my RCM at % in June?.
To set your RCM at 5% in june you have to follow the steps
1 go to the expenses entry on june where you have made RCM Expenses
2 open the expense ledger in modify mode and set tax category services 5%
3 make RCM nature compulsory and resave all vouchers of RCM expense for june
4 then go to gst misc utilities and click check post consolidated RCM and monthly
5 then select month june to check RCM entries of june for consolidating
How do I enter the RCM entry for March?.
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
How can I add options for a registered dealer in the purchase voucher for RCM in BUSY?.
To add options for a registered dealer in the purchase voucher for RCM in BUSY you need to
follow the steps
1 Go to the purchase voucher and by pressing alter and F3 together on purchase type option
to create a new purchase type
2 create the purchase type name as Local or central RCM / registered
3 Specify purchase account in purchase account information and select taxation type as RCM
/Unreg and select the region local or central
How do I enter a voucher date in a prior month when entered RCM payment voucher in the current month?.
while enter a voucher date in a prior month when paying the voucher in current month please follow the below steps
step 1: Go to the GST reports under display menu
step 2: open GST summaries under GST report and click on GST summary
step 3: mentioned prior month for RCM payment and other relevant option then open report
step 4: press F4 for auto RCM payment posting then select relevant series and current month period for paying and save voucher
How can i post RCM consolidated entry for tax in BUSY?
To post RCM consolidated entry in BUSY, follow 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 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.
How to enter consulting RCM payment voucher in BUSY ?
To enter consulting RCM payment voucher in BUSY follow the steps
Step1 Go to transaction menu and click on Payment voucher or Journal Voucher then click add
Step2 fill the series name date and voucher number
Step3 slect GST nature as RCM Expense
Step4 Create a expense ledger and fill the tax category on it and make RCM nature Compulsory and save it
Step5 Debit the consulting Expense ledger and Credit the cash or bank or the party name
How is RCM calculated in CGST and SGST?.
RCM (Reverse Charge Mechanism) is a method of calculating tax liability where the recipient of goods or services is responsible for paying the tax instead of the supplier. In CGST (Central Goods and Services Tax) and SGST (State Goods and Services Tax), RCM is calculated by debiting the CGST and SGST input accounts and crediting the CGST and SGST input available RCM accounts. The tax amount is calculated based on the applicable tax rate, which is usually a percentage of the transaction value.
Why are the CGST and SGST amounts not showing up properly for RCM in Check and PosrtRCM Voucher Screen?.
To correct any errors in CGST, SGST, or IGST in the Reverse Charge Mechanism (RCM) check and post report, follow these steps:
Step 1: If you're posting an RCM expense voucher using a journal or payment voucher, make sure that the correct GST rate is updated in the master account for the expense involved.
Step 2: If you're entering entries related to RCM through purchase vouchers, ensure that the correct GST rate is updated for the items involved in the voucher.
I don't know how to generate consolidated RCM payable voucher in BUSY after monthly entry. Please guide
To generate a consolidated RCM payable voucher in BUSY after a monthly entry, follow these steps:
1. Go to the GST Miscellaneous Utility in BUSY.
2. Select "Post Consolidated RCM Payable."
3. Choose the monthly basis option.
4. Select the month for which you want to generate the voucher.
5. Press F4 to generate the entry.
6. Save the entry with the date set as the last day of the month.
This will generate the consolidated RCM payable voucher in BUSY.