What method should i select for pass consolidate entry of RCM ?
It is depending upon you only whether you are selected month basis or daily basis in RCM payable report for passing consolidate entry
Frequently Asked Questions
Solutions to common issues related to Taxation — Rcm Data Feeding And Report.
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Step-by-step Answers
How are RCM entries shown in GST returns in BUSY?.
The RCM entries will be shown in GSTR 2 reports where you can can see the RCM
entries under section B2BUR invoices 4B
After creating the RCM party, do I need to make a separate payment entry to settle the outstanding?.
Yes after creating the RCM party you need to make seperate payment entry to setteled RCM expenses other than regular GST payment
Should I directly show transport expenses or mention the bank name in reverse charge mechanism (RCM) transactions?.
In RCM transaction you can directly show Transport expense
in debit and the party or bank will be in credit
Why is the RCM expense not getting reflected in the payment even after I have entered it?
RCM expense is not getting reflect after payment then check consolidated voucher has been posted and tax liability has been generated.
Where to check posted RCM entries in BUSY GST Return or GST Summary?.
for to check posted RCM entries in BUSY your can go with GST return (GSTR 3B) or GST summary both reports
Where do I find the option to consolidate RCM payable voucher in BUSY?.
To find the option to consolidate RCM payable voucher in BUSY, you need to go to the GST Miscellaneous Utility menu.
In the Transactions section, where can I find the Check Post RCM Consolidated Payables option in BUSY?.
In the Transactions section of BUSY, you can find the Check Post RCM Consolidated Payables option under GST Miscellaneous Utilities.
Should I enter the RCM adjustment entry in November or February? Does the date matter?.
The date for entering the RCM adjustment entry does not matter. It can be done in either November or February.
Can I enter RCM through a payment voucher in BUSY?.
Yes to do RCM entry through payment voucher in BUSY you need to select ITC Eligibility
as RCM expenses
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