Frequently Asked
Questions
Find Solutions to Common Issues Related to taxation - rcm data feeding and report
Why is the RCM liability showing even though I have posted the RCM entries? What could be the reason?
RCM entries still shows as liability in below mentioned points.
Step 1: Make sure that reference is created against RCM consolidated voucher.
Step 2: Ensure that ledger amount should match with reference amount.
What is the account ledger entry I need to do to adjust RCM input with output?.
To adjust the RCM input with output you need to make a journal entry under GST nature
Consolidate RCM payable where you need to Dr input available Rcm and Cr the Output RCM
How do I square off the CGST output RCM with CGST input RCM?.
To square off the CGST output RCM with CGST Input RCM you need to
make a journal entry where you have to debit CGST output RCM and Credit
CGST Input RCM
How can I get support for RCM transactions before using Teamware?.
To get support for RCM transactions before using Teamware, you can reach out to BUSY's customer support. They will be able to assist you with any questions or issues related to RCM transactions.
How do I generate RCM in B in BUSY?.
for generate RCM in 3B you need to pass Consolidate RCM payable entries for the RCM expenses or purchase vouchers with relevant details after that RCM entries automatically show in GSTR3B report .
When should RCM voucher be added?
RCM voucher should be added when there is a reverse charge mechanism transaction and Under the RCM, the recipient of the goods or services is liable to pay GST instead of the supplier.
How do I select RCM while doing purchase entry?.
To select RCM while doing purchase entry you have to select Local RCM Unreg or have
to create new purchase type of RCM where tax type must be under RCM Unreg
Do we have any GST return for RCM?
No ,We do not have any specific separate return for RCM entries.
Note : RCM entries will automatically reflect in GSTR3B, GSTR2 (in case of purchases ) and GSTR1 (in case of sales)
Why is the RCM voucher not getting consolidated if I haven't booked the RCM expense first?.
The RCM voucher is not getting consolidated if the RCM expense has not been booked first because the consolidation process requires the RCM expense entry to be made before consolidating the voucher.
How to generate RCM reports in BUSY for filing GST Returns? How do I enter the invoice received from the vendor in BUSY?
for GST return filing you can generate RCM report with use of GSTR 3B report .
and for entered invoice received from the vendor in BUSY pleasew follow the below steps