Frequently Asked
Questions
Find Solutions to Common Issues Related to taxation - rcm data feeding and report
How do I check the Post in Consolidated RCM Payable in BUSY?.
To check the Post in Consolidated RCM Payable in BUSY, you need to go to the GST Miscellaneous Utilities menu. From there, select the option "Check Post Consolidated RCM Payable." This will allow you to view the amount of RCM payable and post a voucher for consolidated RCM payable.
Why not show the RCM posting ledger?
By accidentally not created the same ledger
If RCM posting ledger not show follow the below steps:
Step 1: For create by default →Go to Administration →Configuration → GST/VAT
Step 2: Create Default GST Master or
Step 3: Re generate master help file or
Step 4: Default ledger group/tax type change
How do I customize the voucher tables and fields in BUSY?.
To customize the voucher tables and fields in BUSY, you can contact your BUSY dealer to create a customized format. They will be able to assist you in adding or removing fields based on your business needs. Please note that there may be additional charges for this service.
How are RCM expenses accounted in the books in BUSY?.
RCM expenses in BUSY are accounted for by booking an expense voucher with the nature as RCM expense. A consolidation entry is then passed through GST Utility > Checklist > Consolidate to book the RCM payable. This ensures that the RCM expenses are correctly reflected in the books.
I want to generate a report for all RCM tax transactions in the system. How can I filter or get a consolidated view of only RCM tax entries?
You can view the RCM report from the below steps.
Step 1: Click on Transactions
Step 2: Then GST Misc Utilities
Step 3: Then check/post consolidated rcm payable
Step 4: Here all the RCM entries will show, you can check as per your requiredment either daily or monthly.
I have passed a GST RCM consolidated entry in BUSY but it is showing in my GSTR output report. Why is this happening?
After passing GST RCM consolidate entry in BUSY it will show in GSTR1 Document summary Report because
after posting RCM tax liability it will eligible for gst Input in reverse and on behalf of RCM supplier you have
to pay the gst to the government
What happens when I press F and select Generate Consolidated RCM Payable Voucher in BUSY?.
When you press F4 and select "Generate Consolidated RCM Payable Voucher" in BUSY, it will open a window where you can create a consolidated RCM payable voucher. This voucher will consolidate all the RCM expenses that you have entered and generate a single entry for RCM payable.
What is the process to generate an invoice under reverse charge mechanism in BUSY?
For reverse charge mechanism in BUSY please follow below mention steps:-
Step 1:- Create purchase invoice by selecting RCM in GST Type
Step 2:- Transaction Tab
Step 3:- GST Misc. Utility
Step 4:- Check /Post Consolidated RCM Payable. Pass consolidate entry then reverse charge entry passed
Where can I find the option to adjust RCM payments in BUSY?.
To adjust RCM payment in BUSY you need to follow the steps
1 go to display menu and click on GST reports
2 click on GST summaries then click GST summary
3 select date range for summary then press F4
4 Click on RCM Payment
How do i access Post Consolidate RCM payable option in BUSY ?
To access Post Consolidate RCM payable option follow the below steps:
Step 1: Go to transaction menu
Step 2: Click on Gst MIsc. Utilities
Step 3: Then click on Check/Post consolidate RCM Payable option
Step 4: Here you can pass entry of consolidate RCM payable by using F4