Frequently Asked Questions

To post the RCM entry through general payment or purchase you have to follow the steps
 1 To post rcm entry through purchase you have to go to the purcahse voucher and select 
 the purchase type of RCM/Unregister where taxation type should be RCM/Unreg
 2 then enter the other details of purchase voucher where party master need to under 
 gst dealer type unregister or register and save the voucher with other detail .
 3 To generate RCM entry through Payment voucher you have to create the expense ledger 
 where RCM nature must be compulsory and tax category must be mentioned 
 4 in payment voucher gst nature must be rcm expense and in voucher entry made Dr. the 
 expense and Cr. the party or bank or cash then save the voucher 
 5 from transaction menu gst misc utilities option click on check or post consolidate RCM 
 select the monthly option and the month then press F4 button to consolidate RCM entry

for generate RCM for unregister parties please follow below steps
 step 1: add Journal entry for RCM expenses From transaction menu.
 step 2: then select date & GST nature as RCM expenses 
 step 3: select expense account & party account with relevant amount . also ensure that party is unregistered then save entry.
 step 4:Access GST Miscellaneous Utilities Navigate to this option within the software's transaction menu. 
 step 5:After that Choose Check/Post Consolidated RCM Payable option under GST miscellaneous utilities. 
 step 6:Select RCM Payable Mode Choose either monthly or daily basis for managing RCM payables. 
 step 7:Choose the Period monthly or daily basis for consolidating RCM payables and generate the report. 
 step 8:After opening the report, use the F4 key to generate a consolidated RCM payable voucher. Choose the relevant series and date,then save the voucher. 
 step 9:While saving the voucher, you'll be prompted to RCM nature, BUSY automatically select as compulsory(Unreg. Dealer) in reverse charge liability and save the voucher.

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 pass an RCM entry for a central/interstate purchase in BUSY.

To post consolidated RCM (Reverse Charge Mechanism) payable vouchers 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.

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).

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

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

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.

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

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).