Frequently Asked
Questions
Find Solutions to Common Issues Related to taxation - rcm data feeding and report
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.
I made purchase from unregistered dealer. How to enter it in BUSY with RCM?
Convert this sentence in simple language & step by step.
To record a purchase from an unregistered dealer in BUSY with Reverse Charge Mechanism (RCM), follow these simple steps:
Step 1: Go to the Transactions Menu and click on Purchase Voucher.
Step 2: Within the Purchase Voucher, click on Add to create a new entry.
Step 3: In the Purchase Voucher header, select the Series name, date, voucher number, and type.
Step 4: Choose the appropriate Purchase Type, such as Local-RCM/UnReg or Service Import-RCM, depending on your transaction.
Step 5: Select ITC Eligibility as Input Goods/Services. You will then get an option for Reverse Charge: choose Compulsory or Service Import based on your situation.
Step 6: Enter the item details, quantity, price, and other general purchase information.
Step 7: Save your Purchase Voucher.
By following these steps, you can correctly enter a purchase from an unregistered dealer in BUSY with Reverse Charge Mechanism (RCM).
What is the process for general entry in BUSY for business expenses?.
process for general entry in BUSY for business expenses please follow the below steps
Step 1: Go to the Add New Journal Voucher screen.
This is where you initiate the process of entering a new journal entry.
Step 2: Mention the date & GST nature as Registered expenses (B2B) to reflect that this is a business-to-business transaction subject to GST.
Step 3: Mention all relevant accounts of expenses, GST, and party accounts with relevant amounts.Enter the accounts involved in the transaction.This might includeExpense accounts (such as utilities, rent, salaries, etc.)GST accounts (input tax, output tax, etc.)Party accounts (the accounts of the businesses involved in the transaction)Specify the relevant amounts for each account to reflect the financial impact of the transaction accurately.
Step 4: After that, the Register Expenses screen will appear. Select all relevant details like party name, HSN code, tax rate, unit, purchase invoice number, etc., with valid ITC eligibility & save the voucher.
As a painter using BUSY software, how should I account for RCM on my freight bills?.
As a painter using BUSY software, you can account for Reverse Charge Mechanism (RCM) on your freight bills by creating a purchase voucher for the freight expenses. In the voucher, select the appropriate RCM Nature and enter the details of the freight charges. This will help you accurately record and track your RCM liability in BUSY.
You can pass RCM entries with purchase voucher entry. Kindly follow the following Steps:
Step 1: Go to transactions Menu click on Purchase voucher option.
Step 2: Under Purchase voucher click on Add.
Step 3: In Purchase voucher header select Series name, date, vch no. type.
Step 4: Select Purchase Type: Local-RCM / UnReg or Service Import-RCM or as required.
Step 5: Select ITC Eligibility: Input Goods/Services and will get option for reverse charge: Compulsory or Service Import as required.
Step 6: Enter item details qty & price and general purchase entry details.
Step 7: Save Purchase Vouchers.
What is the right way to enter RCM expense so it reflects correctly in reports?
Please follow the below steps for enter RCM expense entry
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: Choose the monthly basis and select the relevant month.
Step 9:Press F4 to generate consolidated entry and save the entry with the date as the last date of the month.
Step 10. Open GST summary and GSTR 1 , 3b , RCM entries would post automatically.
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What are the different types of GST invoices that can be generated in BUSY?.
In BUSY, you can create various types of GST invoices. These include:
1. B2B (Business to Business) Invoices: These are used for transactions between one business and another.
2. B2C (Business to Customer) Invoices: These are for transactions between a business and individual customers.
3. Export Invoices: These invoices are used when selling goods or services to customers in other countries.
4. Debit Notes: These are issued to increase the invoice amount, often used for making adjustments or correcting errors.
5. Credit Notes: These are issued to decrease the invoice amount, typically for returns, discounts, or corrections.
6. RCM Invoice (Reverse Charge Mechanism Invoice): These invoices are used when the recipient of goods or services is liable to pay GST instead of the supplier.
7. Bill of Supply: This is used for transactions where GST should not be charged, such as exempt supplies or small businesses not required to collect GST.
