Frequently Asked
Questions
Find Solutions to Common Issues Related to taxation - rcm data feeding and report
How to delete an incorrect RCM expense entry in BUSY?.
To delete an incorrect RCM (Reverse Charge Mechanism) expense entry in BUSY, follow these steps:
1: Press alt + L to search for the ledger entry you want to delete.
2: Enter the required date range and click OK to proceed.
3: Once the report opens, locate the entry you wish to delete.
4: Press the F8 key on your keyboard. This action will remove the entry from the system.
How do I delete the previous RCM entry with % rate?.
To delete the previous RCM entry with a 12% rate, you can follow these steps:
1. Identify the specific entry you want to delete.
2. Access the system or software where the entry was recorded.
3. Locate the entry in the system.
4. Select the entry and choose the option to delete or remove it.
5. Confirm the deletion when prompted.
6. Verify that the entry with the 12% rate has been successfully deleted.
How to record RCM expenses in BUSY?.
To record RCM expenses in BUSY you have to follow the steps
1 go to payment voucher fill series date voucher number and make
gst nature RCM expense
2 create a expense ledger which tax category must be mentioned in
master and RCM nature should be compulsory
3 generate payment voucher where debit will be expense and Credit will
be the cash/bank or vendor then save the voucher
I have a pending RCM entry from last year in BUSY, how do I adjust it?.
To adjust Pending RCM of previous year you need to follow the steps
Step1 Go to Display menu and click on GST reports
Step2 Select GST summaries option and click on GST Summary
Step3 Select the month or date range for which you want to adjust RCM and click OK
Step4 Press F4 and Click on RCM to Regular tax adjustment
Step5 Generate the journal voucher created by BUSY automatically
The RCM tax adjustment entered my local tax incorrectly. How can I get this fixed?
If the RCM tax adjustment entered incorrectly then you need to cross check the entry for gst adjustment by follow these steps:Step 1: Go to Display section then click on GST summaries option.
Step 1: Go to display section then click on GST summaries.
Step 2: Now choose GST summary then specify data range and open the report
Step 3: Check the adjusted entry for rcm payment and RCM to regular tax adjustment entry and correct accordingly.
Why isn't there an increase in the GST Payable with the new RCM entry?.
There could be several reasons why there isn't an increase in the GST Payable with the new RCM entry. It is possible that the RCM entry was not recorded correctly or that there was an error in the calculation. It is recommended to review the RCM entry and ensure that it is accurately recorded. If the issue persists, it is advisable to consult with an accountant or the software support team for further assistance.
How do I handle RCM expenses for goods purchased from unregistered dealers in BUSY? What is the difference between reverse charge mechanism (RCM) and input tax credit (ITC) in BUSY?
follow the step to handel RCM expenses Purchases entry Unregister Dealers
Step 1: Go to the Menu Transction the Purchase Click on Add
Step 2: Enter Voucher Date in Purch Type filed selecr Service Import-RCM then Select the Party Name
Step 3: in ITC Eligibility option Click on Input Servies and reverse Charge filed select Service Import
Step 4: after select relevent detaile service name, amount save the voucher
I made monthly freight invoice entries in BUSY. What should I do now to calculate RCM?
If you made monthly freight invoice entry in BUSY properly with proper tax rate in freight account and RCM nature
as compulsory and in voucher select RCM Expense then BUSY will calculate RCM automatically but to post RCM
tax liability you have to consolidate RCM entry from check post consolidate option under gst misc utilies where
you need to select monthly basis and month for rcm and press F4 button
How can I transfer the RCM rate from % to %?.
To transfer the RCM rate from 12% to 5% you have to go to the ledger where
you have mention tax category 12% then after opening of ledger create a new
tax category and set tax category 12% and from which date it changes to 5% you
have to mention that date in wef option and fill the new tax rate in that box then modify
the vouchers again .
How to deposit GST for Reverse Charge Mechanism in BUSY?
To deposit GST for RCM in BUSY you should follow the steps
First RCM output will adjust with regular gst data if still their is any pending balance of rcm then
it will be be paid to Government
1 Go to transaction menu and click on payment voucher
2 fill date number and select gst nature as GST payment to government
3 select GST Output RCM as debit and Bank as credit and save