Frequently Asked
Questions
Find Solutions to Common Issues Related to taxation - rcm data feeding and report
The RCM tax amount is not getting reflected in the RCM payable/receivable sections under GST summary. What should I check?
If the RCM tax amount is not getting reflected in the RCM payable/receivable sections in GST summary report, you should check if the RCM expenses voucher have been correctly booked and if the consolidated RCM payable entry has been posted.
Please follow below steps to post RCM expense and consolidate...
What is the correct process to first book RCM expenses and then consolidate the voucher?.
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...
What is the process for booking RCM expenses and consolidating them?.
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...
How do I record reverse charge transactions in BUSY?
To record reverse charge transactions in purchase voucher in BUSY Software you can follow the Steps.
Step 1. Open BUSY Software
Step 2. Open company
Step 3. Go to transaction menu click
Step 4. In purchase type you have to select the rcm unregistered purchase type.
Step 5. In reverse...
How do i take RCM expenss 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...
I want to charge RCM on freight, how do I do that in BUSY?
To enter RCM entry in BUSY for Charge RCM on freight, follow the below-given steps:
Step 1: Go to the Administration menu and click on the Master option.
Step 2: Click on the Account option and create a Freight account under Group Indirect
Expense.
Step 3: Define RCM Nature as...
What is the process to apply RCM in BUSY?.
To apply Reverse Charge Mechanism (RCM) in BUSY, you can enter RCM transactions through purchase vouchers or journal vouchers. Kindly follow the following Steps:
Step 1: For Journal Voucher: Go to Transactions Menu Click on Journal Voucher option.
Step 2: Under the Journal Voucher click on add. option.
Step 3:...
Can you transfer me to the BUSY call center for additional support? I made a mistake while passing the RCM entry and now the wrong GST is applied How can I rectify this?
This call connected already in BUSY call center for support, you can ask your query.
You made a mistake while passing the RCM entry and now the wrong GST is applied, to rectify this, you need to follow the below 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 rectify the RCM entry 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 and rectify your RCM entry in BUSY.
I am trying to create a sales invoice with reverse charge mechanism (RCM) in BUSY but the RCM tax is not getting calculated automatically. How can I resolve this?
In BUSY if you wants to record sale transaction as rcm then sale type for rcm should be created and when you select sale type as rcm,it doesnot calculate tax in sale voucher and is only to show transaction as rcm ,follow these steps to record sale invoice under rcm
Step 1 Open your company
Step 2 Go to transactions
Step 3 Then select sale voucher and proceed to add
Step 4 Now select series,date voucher number ect.
Step 5 While adding sale voucher,in sale type you have to select sale type as RCM or you can create by clicking F3 in sale type and then add name as rcm and select specify sales account and then taxation type as reverse charge and region local or central and save the sale type
Step 6 Now after selecting sale type,proceed to add party,itme details and other details and save the sale voucher
Step 7 After saving voucher,in sales invoice print also you can check,it will show reverse charge in header as yes
Note:When RCM in sale invoice is used,it doesnot calculate tax and is only to show sales invoice as rcm invoice as shown in sale invoice print also
How to post RCM Vouchers in BUSY ?
To post the RCM Vouchers in BUSY You need to follow the steps
to post RCM voucher from purchase follow the steps
step1 Go to the transaction menu and select purchase voucher then click on add
step2 select voucher series date voucher number then select purchase type as RCM Unreg or you can create
a new purchase type but need to ensure region should be as per party state and tax type should be RCM Unreg
step3 fill the party name and create a item master of the expense and ensure that tax rate should mention properly
in it
step4 fill item rate quantity amount and save the purchase voucher
To Post RCM voucher from joural or payment you need to follow the steps
Step1 go to transaction menu and select the voucher then click add
Step2 select series date voucher number and select gst nature as RCM Expense
Step3 create a Expense ledger and ensure that expense tax rate should mention and RCM nature should be Compulsory
Step4 in voucher debit the expense ledger and credit party or cash or bank
step5 save the voucher
