Frequently Asked Questions

want to know about process to make RCm payment in BUSY then please follow below steps 
 Step 1: Access the GST summaries report in the display menu 
 Step 2: Specify the start and end dates for the period you want to make the RCM payment for and then generate or open the report related to that period. 
 Step 3: Within the opened report, press F4 for posting RCM tax payment 
 Step 4: Select the relevant voucher series and input the date for the transaction. Save the voucher to confirm and record the RCM payment. 
 Step 5: Upon saving the voucher, a GST payment details screen will appear. Here, you'll need to select the GST payment type and specify the period ending date for the transaction. Once entered, save the voucher again to ensure the GST payment details are correctly associated with the transaction.

If the party is registerd under GST then you can post the RCM expenses entry by follow these steps:
Step 1: Go to Transactions section then Click on Journal Voucher option.
Step 2: Select the add option and create the voucher with voucher series, date, number, RCM expenses in GST nature and post accounting entry for same.
Step 3: After fill the required details, save the invoice.
To post RCM consolidated entry in BUSY, follow these steps:
Step 1: Go transaction section then select GST Misc. Utilities menu.
Step 2: Now, Click on Check/Post consolidate RCM payable option and then you have to select the range for which RCM consolidate to be post. You can either select Monthly basis or daily basis.
Step 3: Next, Mention the date range/month and open the RCM payable report.
Step 4: Select the entry and can post RCM consolidate entry by Pressing Function key F4 and save the window.

for pass RCM payment entry against RCM liability in BUSY follow below steps
 Step 1: Access the GST summaries report in the display menu
 Step 2: Specify the start and end dates for the period you want to make the RCM payment for and then generate or open the report related to that period.
 Step 3: Within the opened report, press F4 for posting RCM payment against the RCM liabilities found in the report.
 Step 4: Select the relevant voucher series and input the date for the transaction. Save the voucher to confirm and record the RCM payment.
 Step 5: Upon saving the voucher, a GST payment details screen will appear. Here, you'll need to select the GST payment type and specify the period ending date for the transaction. Once entered, save the voucher again to ensure the GST payment details are correctly associated with the transaction.

To reconcile your GST returns file through BUSY with the gst portal you need to follow the steps 
 1 Enter purchase entry for Rcm where you have to select purchase type RCM/Unreg and save 
 purchase voucher and if you are making payment entry then select Itc eligibility as RCM Expense
 2 create a expense ledger where rcm ledger must be compulsory and tax category need mentioned
 3 after creating purchase or expense entry of rcm go to transaction menu and click on gst misc 
 utilities then click on check or post consolidate rcm entry
 4 select monthly and select the month 
 5 to post consolidate rcm entry click F4 and put the details of purchase invoice number and date 
 while detail box will open 
 6 after the entries when you reconcile data with gst it will be show over there

For enter RCM entry please follow these steps: 
 1. Go in administration then go in master 
 2. Then go in account and click on modify account 
 3. Select Freight account and in GST Type Mention GST Applicable 
 4. Mention tax category like service 5% and mention HSN Code 
 5. Mention Itc Eligibility Input service and RCM Nature compulsory and save account 
 6. Then Go in Transaction then Go in journal 
 7. Click on add and mention GST Nature Rcm Expense 
 8. Pass Entry like freight debit and cash or party credit and save entry 
 9. Then Go in Transaction then Go in Gst miscellaneous utility 
 10. Then Go in check/post Consolidated Rcm Payable 
 11. Then select monthly basis and select month and open Report 
 12. Then press f4 and pass entry and save

For enter RCM entry please follow these steps: 
 1. Go in administration then go in master 
 2. Then go in account and click on modify account 
 3. Select Freight account and in GST Type Mention GST Applicable 
 4. Mention tax category like service 5% and mention HSN Code 
 5. Mention Itc Eligibility Input service and RCM Nature compulsory and save account 
 6. Then Go in Transaction then Go in journal 
 7. Click on add and mention GST Nature Rcm Expense 
 8. Pass Entry like freight debit and cash or party credit and save entry 
 9. Then Go in Transaction then Go in Gst miscellaneous utility 
 10. Then Go in check/post Consolidated Rcm Payable 
 11. Then select monthly basis and select month and open Report 
 12. Then press f4 and pass entry and save

To properly account for input credit on RCM (Reverse Charge Mechanism) and regular invoices while carrying forward to the next financial year, you can follow these steps:
 1. Enter the RCM expenses and payments in the BUSY using the GST Miscellaneous Utility.
 2. Consolidate the RCM payable entry with invoice details to calculate the RCM tax payable.
 3. Generate the RCM tax adjustment entry to claim input credit by offsetting the RCM tax payable with regular GST input credit.
 4. Make sure to tag or link the bills and invoices properly in BUSY to ensure accurate reporting.
 5. Remember that input credit needs to be utilized within the same financial year as per GST rules.
 By following these steps, you can properly account for input credit on RCM and regular invoices while carrying forward to the next financial year.

To consolidate and file multiple RCM vouchers in BUSY. Kindly follow the following Steps: 
 Step 1: Go to Transactions Menu click on GST Misc. Utilities option. 
 Step 2: Check/Post Consolidated RCM Payable and select the option Monthly Basis 
 Step 3: If selected RCM payable Monthly Basis select Month and click on OK. 
 Step 4: use F4 to Post consolidated RCM Payable Voucher. 
 Step 5: you will get popup for generate consolidated RCM Payable Voucher and click on save. 
 Step 6: Auto generate and adj. will ask do you want to create consolidated RCM Payable Voucher click on YES. 
 Step 7: check details of Journal voucher with gst nature consolidated RCM Payable. 
 Step 8: while click on save will get popup window of Reverse charge liability enter all details with TAXABLE VALUE. 
 Step 9: Click on Save.

To correct a mistake in RCM entries, you can go to the BUSY, the choice of whether to record Reverse Charge Mechanism (RCM) in a purchase voucher or a journal voucher depends on the specific entry. Kindly follow the following Steps:
 Step 1: If the RCM entry was recorded in a Journal Voucher Go to Transactions Menu Click on Journal Voucher option.
 Step 2: Under the Journal Voucher click on modify option and Choose the voucher number you want to modify.
 Step 3: Edit the Journal Voucher as necessary to correct the mistake and then save the voucher.
 Step 4: If the RCM entry was done using a Purchase Voucher, so Go to Transactions Menu Click on purchase Voucher option and Choose the voucher number you want to modify.
 Step 5: Edit Purchase Voucher as necessary to correct the mistake and then save the voucher.

To pass RCM expenses entry in BUSY please follow the below steps 
 Step 1:go to the Journal Voucher option under the transaction menu. 
 Step 2:Click on the Add option, which opens a new screen for adding a journal voucher. 
 Step 3:select the relevant series for the voucher & Input the voucher date.Choose the GST nature as RCM expense, indicating that this transaction is under Reverse Charge Mechanism. 
 Step 4: Selecting Expense Ledger for RCM Expense need to create that master. 
 Step 5:Press F3 to create a new master.Enter the details required for the expense account name, group, GST type, tax category, HSN code, ITC eligibility, and RCM nature.Save the ledger once the necessary details are filled in. 
 Step 6:Select the party name and specify the amount in the credit side and Save the voucher after inputting the required details.