Frequently Asked Questions

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.

In BUSY Account Software do not have automatic journal entries. only option available to do auto Journal Entries of Posting RCM Payment & RCM to Regular Tax adjustment
 you can enter the RCM expense in the journal voucher and save it. The software will automatically generate the necessary entries for RCM payable and consolidate them. Kindly follow the following Steps for automatic Journal Entries of Posting RCM Payment & RCM to Regular Tax adjustment: 
 Step 1: Go to Display Menu and Click on GST Reports.
 Step 2: Click on GST Summaries and click on GST Summary option.
 Step 3: Select the details starting date, ending date and click on OK
 step 4: use F4 key you will popup post voucher window there is two option RCM Payment & RCM to Regular Tax adjustment.
 Step 5: this option has auto posting in Journal voucher.

To enter RCM (Reverse Charge Mechanism) in GST, you can follow these steps in BUSY:
 1. Go to the voucher entry section.
 2. Select the appropriate voucher type for the RCM entry (e.g., purchase voucher).
 3. Specify the GST nature as RCM expenses.
 4. Enter the details of the transaction, including the supplier's information and the RCM amount.
 5. Save the voucher.
 6. After entering the RCM voucher, go to GST Miscellaneous Utility.
 7. Select the option for Consolidate RCM.
 8. Enter the invoice details for the consolidated RCM entry.
 9. Save the consolidated RCM entry.
 10. The RCM amount will now be reflected in the GST report.
 Please note that the exact steps may vary depending on the version of BUSY you are using. It is recommended to refer to the software's user manual or contact customer support for specific instructions.

In BUSY do not have separate report to check Total RCM tax paid for a specific time period. for generate Total RCM tax paid report. Kindly follow the following Steps: 
 Step 1: Go to Display Menu and click on Account Books option. 
 Step 2: click on Account Registers Standard option. 
 Step 3: Select a specific voucher register based on how the RCM Tax was paid (e.g., Journal voucher or payment voucher). 
 Step 4: If RCM Tax paid entry was done using a Journal voucher, select the Journal Register option. 
 Step 5: Under the Journal Register, select the starting date, ending date, and choose the GST Nature: GST Payment to Government option. 
 Step 6: You will then get the Journal Register details, and if required, you can filter, print, export, and generate a summary of the report.

In BUSY, the process for adjusting RTM (Reverse Charge Mechanism) expenses against Gst is as follows
 Step 1: Navigate through the display menu to access the GST report. Select GST summaries and then the GST summary option.
 Step 2: Specify the start and end dates for the report. Additionally, choose other options as required and generate the report.
 Step 3: In the opened report, there should be an option to auto-adjust RCM in input GST. Press F4 for RCM adjustment.
 Step 4: Upon pressing F4, a voucher posting screen will appear. In this screen, select the option for RCM to regular tax adjustment.
 Step 5: Choose the journal voucher series and specify the date for posting the voucher then save voucher 
 step 6 : now adjusted RCM amount appeared in gst summery under section RCM input adjusted.

You can create new RCM entry with 5% rate both from Purchase and payment voucher 
 to make the entries follow the steps 
 1To make purcahse voucher with 5% rate you have to create the item 
 master tax category with 5% and save the master . 
 2 you have to select the purchase type RCM unreg for local or central 
 where tax type must be under RCM 
 3 make other information of voucher and save 
 4 To create payment voucher with RCM 5% rate you have to create 
 a expense ledger which tax category must be 5% and rcm nature should be compulsory 
 5 in payment voucher make gst nature as RCM expenses and dr the expense and cr the party or cash or bank 
 then save the payment 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.

for enter 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.

for transfer input credit from expenses in BUSY please follow below steps
 Step 1: Navigate through the display menu to access the GST report. Select GST summaries and then the GST summary option. 
 Step 2: Specify the start and end dates for the report. Additionally, choose other options as required and generate the report. 
 Step 3: In the opened report, there should be an option to auto-adjust RCM in input GST. Press F4 for RCM adjustment. 
 Step 4: Upon pressing F4, a voucher posting screen will appear. In this screen, select the option for RCM to regular tax adjustment. 
 Step 5: Choose the journal voucher series and specify the date for posting the voucher then save voucher 
 step 6 : now adjusted RCM amount appeared in gst summery under section RCM input adjusted.

For Reconcile the GSTR-2A data with purchase in BUSY please follow the below steps 
 step 1: Go to the GST misc. utilities option under the transaction menu 
 step 2: click on Download GSTR JSON data and select Download GSTR-2A
 step 3: then select saving mode auto download or manual 
 step 4: download data in which month you want 
 step 5: after download data Esc from that screen and open Reconcile GSTR data 
 step 6: click on Reconcile GSTR 2A (party wise or vch. wise) and open report 
 step 7: select start and end month and relevant option which is required and open report there you can match entries as per BUSY books and as per JSON 
 Yes you can claim input tax credit for freight charges in BUSY .