Frequently Asked
Questions
Find Solutions to Common Issues Related to taxation - rcm data feeding and report
I want to adjust the tax liability for multiple invoices at once. Is there a bulk adjustment option available in BUSY?
For posting RCM tax liabiliy in bulk, please follow below mentioned steps:
Step 1: Go to Transaction menu.
Step 2: Click on GST Misc. Utility and select generation of report as monthly or as on date.
Step 6: Press F4 key to post consolidate voucher.
Step 7: Click on ok for automatic posting for journal voucher.
The RCM amount is not showing up in my payment voucher. What could be the reason for this?
RCM amount in payment voucher is showing after posting consolidated voucher. Kindly follow below steps for posting consolidated voucher.
Step 1 : Go in transaction GST misc utilities and post consolidated expense voucher.
Step 2 :Select voucher posting monthly or daily basis and open the report.
Step 3: Press F4 key to post consolidate voucher to Save.
How do I see data for reverse charge within a specific date range?
To see data for reverse charge within a specific date range in BUSY, you need to follow these steps:
Step 1: Open your company then go to Transactions menu.
Step 2: Select GST Misc. Utilities and click on Check / Post Consolidated RCM Payable.
Step 3: Select Daily Basis and enter the date range and you will the reverse charge vouchers.
Why am I unable to see my past RCM payments and input credit details in BUSY? How can I view the transaction history?
For Viewing the past RCM input, please follow below mentioned steps:
Step 1: Go to Display tab, GST report and GST summary.
Step 2: In GST summary, you will find section of RCM Input adjustment.
Step 3: Press F4 key to adjust RCM input to Regular Tax adjustment. It will reimburse the RCM input to regular tax.
I am unable to view the consolidated RCM liability for the month in my accounting software. What should I do to fix this?
For viewing the Consolidated GST liabiliy for the month, please follow below mentioned steps:
Step 1: After posting Expense entry, go in transaction GST misc utilities and creating expense liabiity.
Step 2 :Select voucher posting as monthly and open the report.
Step 3: Press F4 to post consolidate voucher. It will save consolidate voucher in journal.
How can I check if my RCM liability is reflecting correctly in my GST returns in BUSY after posting the entry?.
For check RCM liability reflecting correctly in BUSY after posting entry please follow the below steps
step 1: go to the GST reports under display menu
step 2: open GST summaries and click on GST summary
step 3: mentioned relevant month and other option then open report there you can see your RCM liabilty posting
How do I create a party for my RCM expenses?.
For create a party for your RCM expenses please follow the below steps
Step 1: Go to the master option under administration menu
Step 2: then add new account master
Step 3: entered party name , account group, pick relevant GST type, tax rate , hsn code ,itc eligibility and RCM nature and save ledger.
How to post IGST RCM instead of CGST and SGST?
Reason: Due to company and party state both is same and if required change party state interstate then it will pick IGST
To post IGST RCM instead of CGST and SGST follow the below steps:
Step 1: Go to master→modify Party master or use ALt+M on party master
Step 2: Check party state
Step 3:If required change state
Where can I see the input RCM summary in BUSY?.
for see input RCM summery please follwe the below steps
Step 1 : go to the GST report option under transaction menu
Step 2: then open gst summaries option & click on GST summary report
Step 3: after that mentioned start and end date for open report, there you can see input RCM summary
How to post consolidated RCM payable voucher in BUSY?.
To post a consolidated RCM payable voucher in BUSY, follow these steps:
1. Go to GST Miscellaneous Utility.
2. Select "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 set as the last day of the month.