Frequently Asked Questions

when you post journal voucher for RCM 
 step 1: Select the Tempo Expenses account or ledger on the debit side. Enter the relevant amount that represents the expense under this account.
 step 2: the specific account on the credit side does not get automatically selected by the system. You will need to manually select the Account for the credit entry. Unlike the debit side where you choose the Tempo Expenses account, the credit side requires a manual selection.

To record a transaction with reverse charge you can follow the steps 
 Step1 Go to transaction menu and click on payment or journal voucher 
 Step2 fill the voucher details like series date and number and select GST nature as RCM expense 
 Step3 Create a expense ledger which tax category must be filled and RCM nature should be compulsory 
 Step4 debit the expense ledger and credit the party or cash or bank and save the voucher

To rectify the issue of consolidating your GST liability for the month, you can follow these steps in BUSY:
 1. Go to the GST Miscellaneous Utility.
 2. Select "Post Consolidated RCM Payable."
 3. Choose the monthly basis and select the relevant month.
 4. Press F4 to generate the entry.
 5. Save the entry with the date as the last day of the month.
 By following these steps, you should be able to consolidate your GST liability successfully.

To consolidate multiple RCM expenses into one voucher in BUSY, follow these steps:
 1. Go to the GST Miscellaneous Utility.
 2. Select the option to post consolidated RCM payable.
 3. Choose the monthly basis and select the month.
 4. Press F4 to generate the entry.
 5. Save the entry with the date as the last day of the month.
 By following these steps, you will be able to consolidate multiple RCM expenses into one voucher in BUSY.

If you entered an expense as RCM without being taxed in BUSY, then you need to post RCM consolidation voucher by using these steps:
Step 1: Open your company then go to gst misc. utilities.
Step 2: Click on check or post consolidated RCM payable and choose either monthly basis or daily basis as required.
Step 3: Select period then open the report and you will your rcm expense entry here.
Step 4: Press F4 to post consolidate voucher and save that voucher.

To enter an RCM entry, you need to follow these steps:
Step 1: BUSY has different models to feed RCM entries, e.g., purchase payment or journal voucher.
Step:2 Select the transaction option. Click on the add option.
Step 3 after Enter the date and voucher number, then in GST. Nature Detaile Select RCM expenses.
Step 4: After selecting gst Nature, go to the voucher body debit will expense account, press alt plus m, and select RCM Neature is Compulsory.
Step 5: Save the Voucher

In BUSY for RCM transaction gst calculate automaticatlly from expense voucher and 
 from purchase voucher from expense ledger or from Item master in which tax rate mentioned
 to post the tax liability you have to follow the steps 
 1 after creating of RCM expense or RCM purchase go to transaction menu
 2 GST misc utilities and click check post consolidated RCM
 3 select monthly and select the month then press F4 to post consolidated RCM payable entry

If you are getting an error saying RCM is not applicable even though it should be, you should check the following:
 1. Verify if the RCM nature is set correctly in GST nature for the expense in question.
 2. Press Alt+M on expense master for modify and Ensure that the expense falls under the reverse charge mechanism (RCM) category.
 3. If the issue persists, consult the documentation or support resources provided by your accounting software for further assistance.

To track the input tax credit (ITC) availed on RCM expenses Kindly follow the following Steps:
 Step 1: To check RCM report Go to Transactions Menu click on GST Misc. Utilities option.
 Step 2: Check/Post Consolidated RCM Payable and select the option Monthly Basis or Daily Basis.
 Step 3: If selected RCM payable Monthly Basis select Month and click on OK.
 Step 4: on screen report you can do summary - with ALT + 5, export and filter

To adjust GST liability against input tax credit in BUSY you should follow the steps 
 Step1 Open company in BUSY and go to display menu 
 Step2 Click on GST reports and then GST summaries 
 Step3 Click on GST summary and select the date range 
 Step4 Press F4 and click on RCM to regular tax adjustment and pass the journal entry automaically 
 generated by BUSY to adjust your Input tax credit with GST liability