Frequently Asked
Questions
Find Solutions to Common Issues Related to taxation - rcm data feeding and report
How to pass sales entry for RCM
Create new sales type under RCM ( taxation type -this not created by default )
To pass sales entry for RCM follow the below steps:
Step 1: By pressing F3 on sales type or in master creation add new sales type
Step 2: Choose taxation type RCM under sales type creation
Step 3: Selest local / central
I am unable to tag my RCM invoices to avail input tax credit. What is the process to tag RCM invoices?
To tag your RCM Invoices to avail input tax credit you need to follow the process
Step1 go to transaction menu and click on GST misc utilities
Step2 click on Check post consolidated rcm then select monthly basis
Step3 select the month and ok
Step4 press F4 to post consolidate RCM entries
How do I avoid problems with incorrect balances after RCM entries in BUSY?.
To avoid problems with incorrect balances after RCM entries in BUSY, make sure to follow these steps:
1. While making a RCM Entry, you should make sure RCM expense must be selected.
2. Double-check the accuracy of the RCM entries before saving them.
3. Regularly reconcile RCM entry amount and posted amount from given report.
How to enter reverse charge tax details in account masters in BUSY?.
To enter reverse charge tax details in BUSY you need to follow the staeps
1 go to the purchase voucher where you enter rcm entry open item master in modify mode and chage item tax category
2 go to the expense voucher select and opoen the expense ledger in modify mode and change tax category
I have entered the monthly invoices in BUSY. How do I do RCM calculation for the month?
To do the RCM calculation for the month for RCM invoices in BUSY you have to follow the steps
1 go to transaction menu and click on gst misc utilities
2 click on check post consolidated rcm
3 select monthly basis option and select the month then press F4 to calculate RCM tax liability
Where is the option for RCM payments in BUSY?.
To simplify, if you receive Reverse Charge Mechanism (RCM) payments, you can handle them in two ways: manually in a journal voucher or through a payment voucher with the Payment to Government option for GST. However, instead of doing this manually, you have the option to automatically post RCM vouchers using the GST Summary Report.
What is the process to consolidate RCM in BUSY?.
To consolidate RCM in BUSY, you need to go to the GST Miscellaneous Utility and select the option to "Post Consolidated RCM Payable." Then, choose the frequency (monthly or quarterly) and select the specific month. Press F4 to generate the entry and save it with the date as the last day of the month.
Where do I find the RCM reports in BUSY?.
To find the RCM Reports in BUSY you have to follow the steps
1 go to display menu click on gst reports then click on gst summaries
2 click on gst summary and select the date range and press ok
3 in this report you can check output gst on RCM if its consolidated
I modified freight inwards tagging in BUSY but RCM is not calculating automatically. What should I check?
If you modified freight inwards tagging in BUSY and RCM not calculating automatically then you should check the
following things
1 check the freight ledger RCM nature is under compulsory and its tax category mentioned properly
2 make sure that in expense voucher you have selected GST nature as RCM Expense
The tax amounts are not getting calculated correctly in the GST report. It is showing zero tax for some items What should I do?
If you're seeing incorrect tax rates in your GST reports, follow these steps:
Step 1 : Check that the GST rate in your voucher matches the rate set in the item master.
Step 2: Ensure that you've chosen the right sales type for the transaction, based on the items you've sold.