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Busy FAQs

Q1. How to create a new financial year?
Ans. Go to Administration => Change Financial Year => New Year from XX-XX-XXXX

Q2. How to create a separate company for new financial year along with all masters & balances?
Ans. Follow below mentioned steps:

  1. Create new financial year first
  2. Close the company and Go to the backup option
  3. Take the back up of current year only
  4. Then, Go to “Restore” option
  5. Define the path where backup files has been stored and restore the data
  6. Select “no” option when asking to overwrite the company.
Now, a new company will be created along with all masters & balances.

Q3. How can I transfer my profit to Capital account?
Ans. Pass the following Journal voucher
Profit & loss account               Dr.       (Predefined master)
To Partner/ Proprietor Account            (under group Capital account)
To Partner 2 (If any)                           (under group Capital account)

Q4. After transferring the profit, “Profit & Loss adjusted” is showing in asset side of my Balance Sheet. What is the relevance of it?
Ans. When we transfer the profit into capital account, “Profit & Loss adjusted” is start showing in asset side of Balance Sheet. By default, BUSY always shows the profit & Loss Account in Balance Sheet. When we pass the transfer voucher, it mismatches the balance of Asset & Liability. To match the Balance of Both sides, “Profit & Loss Adjusted” starts showing on the other side of Balance Sheet. It is just to tally the asset & liabilities of balance sheet & will not show in printing.

Q5. My closing balances are not properly carried over to new financial year. How to rectify it?
Ans.Kindly follow below mentioned steps:

  1. Go to Previous year
  2. Run Rewrite Books
  3. Switch to new financial year and again carry over the balances.
By doing this, closing balance of previous year & opening balance of current year will match.

Q6. At the time of switching to new financial year, RTE-91 (Object variable not set) is coming. How to resolve this issue?
Ans. Kindly follow below mentioned steps:

  1. Go to Previous year
  2. Run Rewrite Books
  3. Switch to new financial year without carry over the balances.
  4. Run rewrite books in the current financial year
  5. Again switch to previous year and then to current year. This time carry over the balances and you won’t face any error.

Q7. At the time of switching to New Year, a message related to “BANK RECONCILIATION FEATURE” is coming. What is the relevance of it?
Ans. This option only comes when you are using Bank Reconciliation feature. If you want to carry over the information of unclear cheques to New Year, select the “YES” option, Otherwise, select “NO”.

Q8. How can we work in multi financial year simultaneously?
Ans. If customer is using single user license then they can’t work in multiple year simultaneously in single company. If customer is using Multi-user license then they can open BUSY multiple times and open the same company more than one time. In every Instance of BUSY, different financial year can be open of same company.

Q9. How can I define the value of my stock manually?
Ans. To enter value of stock manually, follow below mentioned steps:

  1. Go to Display > Balance Sheet and click on it.
  2. Disable the option “Update Balance Sheet Stock” and generate the report.
  3. Locate the stock account in current assets and press enter on it.
  4. Define the value of stock as per your valuation and save it.
Now, your books of accounts will show the value of stock as defined by you. Please note that you have to keep “No” in the option “Update balance sheet stock” while generating Balance Sheet.

Q10. I carried over the balances to next year, but still my Stock Account is not showing the value of stock in current year. How to resolve this problem?
Ans.Follow below mentioned steps to resolve the problem:

  1. Go to previous year
  2. Then go to Display  Balance Sheet and select period March end.
  3. Select “Y” in option “Update Balance Sheet Stock” and generate the report.
  4. Switch to Current year and carry over the balances of all masters.
By doing this, you Stock Account will start showing you the updated balance.

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