Frequently Asked
Questions
Find Solutions to Common Issues Related to taxation - rcm data feeding and report
What isthe steps and procedure to adjust amount in Input GST?
To adjust the Reverse Charge Mechanism (RCM) amount in your Input GST, follow these simple steps:
Step 1: Go to the Display Menu and select GST Reports -> GST Summaries -> GST Summary.
Step 2: Choose the date range and any other relevant filters, then press OK to generate the GST Summary.
Step 3: In the GST Summary, you'll find details of IGST/CGST/SGST RCM at the bottom of the report.
Step 4: In this report, press the F4 key. A Post Voucher window will appear. Click on the first button, which is RCM Payment. This will generate a payment or provision voucher for the RCM amount.
Step 5: After successfully creating the RCM Payment/Provision voucher, press F4 again. This time, select the second button, RCM to Regular Adjustment, and post the voucher to adjust the RCM in your Input GST.
Once you've completed these steps, the system will display the RCM adjustment amount in the GST Summary under the section RCM Input Adjusted (As entered).
I am confused about the RCM entry in BUSY, can you explain?.
To enter RCM entry in BUSY you need to follow the steps
To generate RCM purchase follow the steps
Step1 go to transaction menu and click to purchase then click to add
Step2 Fill the all purchase voucher details like series voucher date voucher number purchase type
party name item name quantity rate amount etc but you need to ensure the purchase type you selected
its under Tax type RCM Unreg and Item master tax category must be filled
Step3 save the voucher
To generate RCM expenses follow the steps
Step1 Go to Transaction menu and click on journal or payment and click to add
Step2 Fill voucher series date number Etc and select GST nature as RCM Expense
Step3 Create an expense account which tax category must be mentioned in master and RCM nature
should be compulsory
Step4 Make RCM Expense Debit and Bank or cash or party credit then save
What are the steps to follow to enter RCM in BUSY?.
To enter RCM entry in BUSY you need to follow the steps
To generate RCM purchase follow the steps
Step1 go to transaction menu and click to purchase then click to add
Step2 Fill the all purchase voucher details like series voucher date voucher number purchase type
party name item name quantity rate amount etc but you need to ensure the purchase type you selected
its under Tax type RCM Unreg and Item master tax category must be filled
Step3 save the voucher
To generate RCM expenses follow the steps
Step1 Go to Transaction menu and click on journal or payment and click to add
Step2 Fill voucher series date number Etc and select GST nature as RCM Expense
Step3 Create an expense account which tax category must be mentioned in master and RCM nature
should be compulsory
Step4 Make RCM Expense Debit and Bank or cash or party credit then save
What is the procedure for booking RCM payable entries in BUSY?.
The procedure for booking RCM payable entries in BUSY, follow these simplified steps:
Step 1: Start by going to the Transaction Menu.
Step 2: From there, pick GST Misc. Utilities and then select Check/Post Consolidated RCM Payable.
Step 3: Decide whether you want to post RCM Payable vouchers on a monthly or daily basis.
Step 4: Specify the date range or month for posting RCM Vouchers and click OK.
Step 5: Press the F4 button on the report screen to post RCM Payable vouchers.
Step 6: Under the Generate Consolidated RCM Payable Voucher screen, select your Journal Voucher Series and the respective Accounting Master (usually the default master is selected). Then, click the Save button.
Step 7: The system will automatically post the accounts and their RCM payable amounts in the Journal voucher. You only need to save the Journal voucher.
By following these steps, you can successfully post your consolidated RCM payable vouchers in BUSY.
How can I account for reverse charges taken by a vendor in BUSY? The software is not letting me adjust it against the GST.
To record a reverse charge entry in BUSY you should follow the steps
You can use Purchase entry or RCM Expense entry both
Follow the steps to create RCM purchase entry
Step1 go to transaction menu and click on purchase and click to add
Step2 Fill voucher details like Voucher series number and date then select purchase Type
as RCM Unreg and select the party
Step3 Fill the item details like item name quantity rate amount and save the purchase voucher
but need to ensure that item master should have proper gst percent taken
To generate RCM expense follow the steps
Step1 Go to transaction menu and click on payment or journal voucher
Step2 fill the voucher details like series date and number and select GST nature as RCM expense
Step3 Create a expense ledger which tax category must be filled and RCM nature should be compulsory
Step4 debit the expense ledger and credit the party or cash or bank and save the voucher
I need Help to Adjust RCM into Input GST
To adjust the Reverse Charge Mechanism (RCM) amount in your Input GST, follow these simple steps:
Step 1: Go to the Display Menu and select GST Reports-> GST Summaries -> GST Summary.
Step 2: Choose the date range and any other relevant filters, then press OK to generate the GST Summary.
Step 3: In the GST Summary, you'll find details of IGST/CGST/SGST RCM at the bottom of the report.
Step 4: In this report, press the F4 key. A Post Voucher window will appear. Click on the first button, which is RCM Payment.This will generate a payment or provision voucher for the RCM amount.
Step 5: After successfully creating the RCM Payment/Provision voucher, press F4 again. This time, select the second button, RCM to Regular Adjustment, and post the voucher to adjust the RCM in your Input GST.
Once you've completed these steps, the system will display the RCM adjustment amount in the GST Summary under the section RCM Input Adjusted (As entered).
I passed an RCM entry through a purchase voucher, but it is not showing in the GSTR-B report. What should I do?
If you passed an RCM entry through a purchase voucher, but it is not showing in the GSTR-3B report, you need to follow the below steps:
Step 1: Go to the list of purchase vouchers and check if the RCM entry's purchase type is under the RCM category.
Step 2: If you made an RCM expense entry, then check the expense ledger. The RCM nature is under Compusory, and the expense voucher ITC Eligibility option is selected as RCM Expense.
Step 3: If all the entries were properly entered, then go to the transaction menu. Click on gst misc utilities.
Step 4: Click on Check Post Consolidated RCM, then click on Monthly and select the month to find the RCM expenses entry in BUSY.""
Step 5: After ensuring the above option, you need to go to Display, then GST Reports. Click on GST Returns, then GSTR-3B. Here you can find the RCM entry under the reverse charge.
How do I book an entry for reverse charge in BUSY?.
To book an entry for reverse charge in BUSY, follow these simplified steps:
Step 1: Start by going to the Transaction Menu.
Step 2: From there, pick GST Misc. Utilities and then select Check/Post Consolidated RCM Payable.
Step 3: Decide whether you want to post RCM Payable vouchers on a monthly or daily basis.
Step 4: Specify the date range or month for posting RCM Vouchers and click OK.
Step 5: Press the F4 button on the report screen to post RCM Payable vouchers.
Step 6: Under the Generate Consolidated RCM Payable Voucher screen, select your Journal Voucher Series and the respective Accounting Master (usually the default master is selected). Then, click the Save button.
Step 7: The system will automatically post the accounts and their RCM payable amounts in the Journal voucher. You only need to save the Journal voucher.
By following these steps, you can successfully post your reverse charge in BUSY.
How do I consolidate entries in BUSY?.
To post consolidate entries in BUSY, follow these simplified steps:
Step 1: Start by going to the Transaction Menu.
Step 2: From there, pick GST Misc. Utilities and then select Check/Post Consolidated RCM Payable.
Step 3: Decide whether you want to post RCM Payable vouchers on a monthly or daily basis.
Step 4: Specify the date range or month for posting RCM Vouchers and click OK.
Step 5: Press the F4 button on the report screen to post RCM Payable vouchers.
Step 6: Under the Generate Consolidated RCM Payable Voucher screen, select your Journal Voucher Series and the respective Accounting Master (usually the default master is selected). Then, click the Save button.
Step 7: The system will automatically post the accounts and their RCM payable amounts in the Journal voucher. You only need to save the Journal voucher.
By following these steps, you can successfully post your consolidated RCM payable vouchers in BUSY.
Is there a way to track the RCM expenses separately for different projects in the software?
To track Reverse Charge Mechanism (RCM) expenses separately for different projects in BUSY, you can create separate RCM accounts or party ledgers for each project. Here are the steps to do the entry and check reports:
Step 1: Go to Transactions Menu Click on Journal Voucher option.
Step 2: Under the Journal Voucher click on add. option.
Step 3: Enter Journal Voucher Header details - Select Voucher Series name, date, voucher no.,
Step 4: Select GST Nature as RCM Expense
Step 4: Select debit the RCM account and enter Debit amt.
Step 5: Select credit the party account.
Step 6: To check RCM report Go to Transactions Menu click on GST Misc. Utilities option.
Step 7: Check/Post Consolidated RCM Payable and select the option Monthly Basis or Daily Basis.
Step 8: If selected RCM payable Monthly Basis select Month and click on OK.
Step 9: on screen report you can do summary - with ALT + F5, export and filter.
