Frequently Asked
Questions
Find Solutions to Common Issues Related to taxation - rcm data feeding and report
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.
How do I file GST returns in BUSY for invoices with RCM?.
To file GST returns in BUSY for invoices with Reverse Charge Mechanism (RCM), you need to follow these steps:
1. Go to the GST Returns section in BUSY.
2. Select the relevant return form, such as GSTR-1 or GSTR-3B.
3. Enter the details of your regular invoices in the respective sections.
4. For invoices with RCM, select the appropriate RCM section in the return form.
5. Enter the details of the RCM invoices, including the invoice number, date, and taxable value.
6. Calculate the RCM liability based on the applicable tax rate.
7. Adjust any available input credit against the RCM liability.
8. Once all the details are entered correctly, validate the return.
9. After validation, generate the JSON file for the return.
10. Upload the JSON file to the GST portal for filing.
Please note that it is important to ensure the accuracy of the information entered in the return form to avoid any errors or mismatches.
What is the right process to book RCM expenses and generate Consolidated Voucher in BUSY?
To book RCM expenses and generate a consolidated voucher in BUSY, follow these steps:
Step 1:Create the expense master in BUSY, to create go in Administartion > Maters > Click on Accunt > Add and mention the expense. Specify Tax categogy and Cumpolsory under RCM expense.
Step 2: Now select transations menu to post RCM expense vouhcer > Select journal voucher > Click on Add.
Step 3: Sepecify RCM expense under GST nature for booking RCM entry.
Step 4: Debit required Expense and credit the party account.
Step 5: Go to the GST Miscellaneous Utility.
Step 6: Select "Post Consolidated RCM Payable."
Step 7: Choose the monthly basis and select the month.
Step 8 : Press F4 to generate the entry.
Step 9 : Save the entry with the date as the last day of the month.
This process will help you book RCM expenses and generate a consolidated voucher in BUSY.
How can I set reminders for RCM payments in the software?
NO, there is no specific feature in BUSY to set reminder for RCM payment deadlines, but you can used feature called notes manager to set reminder for RCM payment deadlines.
Step 1: Go to Administration Menu and click on configuration option
Step 2: click on Features / Options and click on General option.
Step 3: In General option click on Enable Notes Manager YES.
Step 4: you can set by user also Go to Administration Menu and click on Users option
Step 5: Under Users option click on BUSY users and modify select user which you want to set Maintain Notes Manager.
Step 6: After modify user click Yes to Maintain Notes Manager.
Step 7: Go to Administration Menu and Click on Utilities option
Step 8: Under Utilities option click on Maintain Notes Manager.
Step 9: In Notes Manager you can set reminder for RCM payment.
Step 10: for more details, kindly check above link : https://www.youtube.com/watch?v=zwGTjDYH6nI&list=PLnaqf2FyjaBytoCGo0oZ8A6nWPoF9X0II
Where should I record RCM expenses in BUSY? I need guidance on the proper way to do it.
RCM expenses should be recorded in the Journal or payament vocuher and to book the RCM payable transaction journal voucher is used in BUSY. Please follow the steps below to properly enter RCM expense and to book tax.
Step 1: Create the expense master in BUSY, to create go in Administartion, Master, click on Account , Specify Tax categogy and GST nature as Compulsory under RCM expense in the expense account.
Step 2: Now select transations menu to post RCM expense vouhcer, Select Journal /Payment voucher, Click on Add.
Step 3: Specify GST nature as RCM expense.
Step 4: Debit required Expense and credit the party account.
Step 5: After posting Expense entry, go in transaction > GST misc utilities > Select Check post consolidate RCM payable voucher.
Step 6 : Select monthly or daily basis and open the report and press F4 to post consolidate voucher, Save consolidate voucher in journal.
My default accounts in BUSY seem to have been deleted. How can I restore them?
If Default Account Master deleted so you can restore your default accounts in BUSY, you can follow these steps:
Step 1: Open BUSY Go to Company Menu and click on Create Company option.
Step 2: After Creating New Company Go to Administration and click on Data Export Import option.
Step 3: click on export data and enter on Masters.
Step 4: Select Masters type for export and set file path where wants to export (xml format).
Step 5: open your company where accounts deleted and now wants to import from xml.
Step 6: To import default master from xml file Go to Administration and click on Data Export Import option.
Step 7: click on import data and select file path of xml format and click on OK
Step 8: Open company and check the imported default account master.
Step 9: You can also Restore last backup.
