Frequently Asked
Questions
Find Solutions to Common Issues Related to taxation - rcm data feeding and report
How to configure RCM auto-calculation in BUSY?.
To calculate RCM auto calculation in BUSY you need to ensure that you have made RCM voucher properly
in purchase voucher or in payment voucher if the RCM nature and Item or expense ledger tax category mentioned
properly then go to gst misc utilities select check post consolidated rcm and select monthly basis and month
then press F4
How do I transfer CGST input RCM to regular CGST input?.
To transfer CGST input RCM to regular CGST input, you can use the option to generate RCM to regular tax adjustment. Specify the voucher series, voucher date, and click the save button. This will create a journal voucher with the GST nature as GST tax adjustment. Debit the CGST input account and credit the CGST input available RCM account.
How is RCM accounted for quarterly returns in BUSY?.
RCM accounted for Quarterly in BUSY we need to insured that the recorde RCM expenses & RCM consolidate payable entry for reverse liability should be in appropriate acounts with relevant deatils , these RCM voucher entries automatically reflected in GST reports & when you filed Quarterly return RCM entries will be included automatically for accurate reporting & GST compliance
How to pass consolidated RCIM payable entry in BUSY?.
To pass the RCM payable entry in BUSY you need to follow the steps
Step1 Go to transaction menu and click on GST Misc Utilities option
Step2 then select Check post consolidated RCM and select the basis monthly or daily as per your requirement
Step3 select the month and press F4 to post RCM consolidated voucher
What is the serial number for BUSY?.
To find your BUSY software's serial number, open BUSY in license mode. You should see your serial number on the title bar of the BUSY application. If you can't locate it there, you can provide us with the email address or mobile number you used for registration, and we can check our database to provide you with the information.
The taxable amount shown in the GST report does not match the invoice amount for some RCM entries. What is wrong?
The taxable amount for Reverse Charge Mechanism (RCM) in the GST report may not match the RCM voucher entries for a few reasons. This mismatch can occur when users modify the values in existing RCM expenses or purchases or when they add new RCM vouchers or delete existing ones after they've already consolidated RCM vouchers for the same period.
How to check if an RCM expense is reflected in the general ledger in BUSY?.
To check if an RCM expense is reflected in the general ledger in BUSY, you can go to the general ledger report and search for the specific expense account related to RCM expenses. The report will show the transactions and balances for that account, allowing you to verify if the RCM expense is correctly recorded in the general ledger.
Can you guide me on how to record RCM payment in BUSY?.
To record RCM Payment in BUSY you need to follow the steps
1 Go to Payment voucher select series date etc then make gst nature as RCM Expense
2 create the expense ledger and select proper tax category then select RCM nature as compulsory
3 make expense Debit and party master credit or cash bank credit then save
After entering monthly invoices, how to generate consolidated RCM voucher in BUSY?.
To generate a consolidated RCM voucher in BUSY after entering monthly invoices, you need to go to the GST Miscellaneous Utility. From there, select the option "Post Consolidated RCM Payable." Choose the basis as "Monthly" and select the desired month. Press F4 to generate the entry and save it with the date as the last day of the month.
I am unable to see the RCM payable amount reflected in my GST payable amount. How can I resolve this issue?
To resolve RCM payable not reflecting in GST payable, you can try using the:
Step 1 : Click on transactions
Step 2 : Go to GST Miscellaneous Utilities
Step 3 : And check or post Consolidate RCM Payable.
Step 4 : Additionally, make sure to select the correct GST nature as RCM expense while making the entry.