Frequently Asked Questions

Using general ledger doesnt impact the tagging of IGST or CGST in RCM transactions 
 CGST or IGST is depend upon the expense ledger or party ledger If the party master belong to same state 
 it will pick CGST and if party belong to other state then it will automatically pick IGST

You can separate IGST and CGST in RCM transactions by selecting vendor state 
 If you are making RCM purchase then If vendor is Outside of state then it will automatically pick IGST and if
 is local state then it will pick CGST and same thing is applicable on RCM Expense voucher also

The due date for payment of RCM liability in BUSY depends on the specific regulations and guidelines set by the government. It is recommended to refer to the relevant tax laws and consult with a tax professional or the tax authorities to determine the exact due date for RCM liability payment in BUSY.

Yes there is a report for RCM amounts in BUSY like in tally 
 to get the Rcm amount report go to transaction menu click gst misc utilities 
 click on check post consolidated RCM then select monthly and month to see the RCM amount of 
 liability and liability to post report.

The RCM process in BUSY may be lengthy due to the multiple steps involved in recording and adjusting RCM entries, such as creating separate expense accounts, linking RCM entries to tax liability, and making RCM payments. Additionally, the need to consolidate RCM entries and generate reports adds to the complexity of the process.

If you've switched from a composition dealer to a regular dealer and want to avoid any GST-related issues, it is recommended to create a new company under Type Regular under GST in BUSY. This will ensure that all the necessary changes are made and there are no discrepancies in your GST records.

Tagging RCM (Reverse Charge Mechanism) expenses in BUSY is necessary because it helps in proper accounting and reporting of these expenses. Even though there are no specific options to enable or disable in BUSY for RCM, tagging allows for accurate tracking and analysis of RCM expenses in financial statements and GST returns.

To find GST summary option in BUSY to view GST liability follow the below steps
 Step 1: go to the GST reports under display menu
 step 2: then click on the GST sumeries ,select GST summary report and open it. 
 step 3: after open report you can get GST summary .

To post a consolidated RCM payable voucher in BUSY, follow these steps:
 1. Go to GST Miscellaneous Utilities.
 2. Select "Check Post Consolidated RCM Payable" option.
 3. Press F4 to generate the consolidated RCM payable voucher.
 4. Save the voucher with the date set as the last day of the month.

From GST summary we can adjust / payment -F4
To adjust RCM /payment RCM follow the below steps:
Step 1: Go to Display → GST Reports → GST summary according to period -Monthly/Quarterly 
Step 2: By using F4 we can do
Step 3: Adjustment /Payment 
Note : BUSY will load entries automatically Dr and Cr.