Frequently Asked
Questions
Find Solutions to Common Issues Related to taxation - rcm data feeding and report
Can I use a general ledger for all reverse charge mechanism (RCM) transactions?.
Yes, you can use a general ledger for all reverse charge mechanism (RCM) transactions.
Where can I find the RCM report for freight charges in BUSY?.
You can find RCM report for freight charges in BUSY from GST Reports .
Where do I enter RCM in BUSY is it in purchase or payment voucher?.
You can enter RCM entry in both Purchase and payment voucher in BUSY
Can I amend RCM entries in BUSY after filing the GST return?.
No, you cannot amend RCM entries in BUSY after filing the GST return.
Can I adjust RCM expenses against my output tax liability in BUSY?.
Yes, you can adjust RCM expenses against your output tax liability in BUSY.
I am unable to find function key for GST adjustment window
You can press F4 key for post automatic posting of the GST voucher.
Can I claim input tax credit on RCM expenses in BUSY?.
Yes, you can claim input tax credit on RCM expenses in BUSY.
Should I make RCM payment entries through bank in BUSY?.
Yes, you should make RCM payment entries through the bank in BUSY.
On whom did you set the RCM at % earlier?.
You can set expenses ledger head under RCM nature for transport services
What is the shortcut key for passing consolidate RCM entry?
F4 is the shortcut key for passing consolidate RCM entry in BUSY