Frequently Asked
Questions
Find Solutions to Common Issues Related to taxation - rcm data feeding and report
Where do I enter RCM payments in BUSY for GST?
You can use either a payment or a journal voucher in BUSY to record the RCM payment entry.
How should I enter the ledger name in reverse charge mechanism (RCM) transactions party name or expense name?.
In RCM transaction Expense name should be in debit and party
name should be in credit
How do I enter the RCM payment details in the software is it through cash or bank transactions?
To enter the RCM payment details in the software, you can choose either cash or bank transactions.
What do I do after opening the GST MIS Utilized folder in BUSY?.
After open GST misc. utilities you can Check/post consolidate RCM payable entry On monthly or Daily basis.
Do I need to set up RCM even though auto-adjustment should happen automatically?.
No, you do not need to set up RCM separately. Auto-adjustment should happen automatically in the software.
Is there a support number I can call for RCM transaction issues?.
To get support for RCM transaction issues from BUSY you can contact support helpline number or call
For generating an RCM invoice, should I select monthly or some other period in BUSY?.
For generating an RCM invoice need to select period as monthly or daily basis in BUSY.
What do I select as the GST nature when booking an RCM expense in BUSY?.
When booking an RCM expense in BUSY, you should select "RCM expense" as the GST nature.
Can I enter multiple freight charges under RCM in a single voucher in BUSY?.
Yes, you can enter multiple freight charges under RCM in a single voucher in BUSY.
Can I claim input tax credit on RCM expenses paid in cash in BUSY?.
Yes, you can claim input tax credit on RCM expenses paid in cash in BUSY.