Frequently Asked
Questions
Find Solutions to Common Issues Related to taxation - rcm data feeding and report
How can I modify the RCM expense category in BUSY?.
To modify the RCM (Reverse Charge Mechanism) expense category in BUSY, follow these steps:
1: Go to the Administration section and select Masters.
2: Under Account Options, choose Modify.
3: Find the expense master and open it.
4: Locate the RCM nature option and select the desired RCM nature.
5: Save the changes.
By following these steps, you can modify the RCM expense category/nature in BUSY.
RCM entry is not reflecting in GST summary.
If RCM entry is not reflecting in GST summary follow below steps:
Step 1: Check expense booking voucher entry, it should be entered with GST nature RCM Expense.
Step 2: GST tax entry has to enter after booking entry. From Transaction>GST Misc. utilities>Check/Post Consolidated RCM Payable by using F4 Shortcut key.
Step 3: Now open the GST summary report and it will reflect the data of RCM.
How to enter consolidated RCM entries in BUSY?.
To enter a consolidated RCM entries in BUSY you need to
follow the steps
Step1 Go to Transaction menu and click on GST Misc Utilities Option
Step2 Click on Check post consolidated Rcm entries
Step3 Click on monthly or daily basis option
Step4 Select the month and ok
Step5 Press F4 to passout consolidate voucher entry automatically
generated from BUSY
What is the process for entering RCM payment and adjustment entries in BUSY?.
To maintain accurate balances and prevent issues arising from incorrect RCM entries in BUSY, it is essential to adhere to the following guidelines:
1. When creating an RCM Entry, ensure that RCM expenses are correctly selected.
2. Prior to saving the entries, meticulously review the accuracy of the RCM details.
3. Periodically reconcile the RCM entry amounts with the posted amounts using the provided report.
I am unable to pass the RCM (Reverse Charge Mechanism) entry in the software. It shows an error invalid RCM nature when I try to save the RCM details. What should I do?
If this error as invalid RCM nature is showing while saving the voucher then make sure that the RCM nature is selected in the expense account.
Pls follow the below steps.
Step 1: Open the required expense account in modify mode
Step 2: Then select the GST type as GST applicable
Step 3: Then mention the Tax rate and RCM nature and save it.
I am confused about whether to record a particular invoice as RCM or regular GST in BUSY. How do I decide?
for the decide to record a particular invoice as RCM or regular GST in BUSY please follow the below steps
step 1: RCM is applicable when the un-registered supplier is not required to charge GST on the invoice.
step 2: If the supplier has charged GST on the invoice, and they are obligated to collect GST for the goods/services provided, it falls under regular GST.
How to record RCM expenses in a specific cost center in BUSY?.
To record RCM expenses in a specific cost center in BUSY, you need to follow these steps:
1. Enable the cost center feature in the account settings.
2. Create a cost center master for the specific cost center.
3. Enable the cost center feature for the RCM expenses account.
4. Enter the RCM expenses voucher and allocate the amount to the desired cost center.
How to allocate RCM expenses to different cost centers in BUSY?.
To allocate RCM expenses in a specific cost center in BUSY, you need to follow these steps:
1. Enable the cost center feature in the account settings.
2. Create a cost center master for the specific cost center.
3. Enable the cost center feature for the RCM expenses account.
4. Enter the RCM expenses voucher and allocate the amount to the desired cost center.
How do I add notes for RCM entries in BUSY?.
For add notes for RCM entries in BUSY please follow the below steps
step 1: go to the Configuration option under administration menu
step 2: open features and options then click on account tab
step 3: enabled maintain notes with master/voucher option and save .
step 4: then open RCM entries while saving voucher notes manager open there you can add notes .
What is the process to consolidate RCM entries in the software?
To consolidate RCM entries in BUSY, you need to follow these steps:
Step 1: Go to transactions menu then select GST misc utilities and click on check or post consolidated RCM payable option.
Step 2: Choose monthly or daily basis based on your requirement and select the period.
Step 3: Now, press F4 to post the RCM consolidated voucher then save that voucher with invoice number.