BUSY ACCOUNTING NOTES WITH GST
Table of Contents
BUSY ACCOUNTING NOTES WITH GST
BUSY THE ACCOUNTING SOFTWARE INTRODUCTION
BUSY ACCOUNTING NOTES WITH GST :-
BUSY is integrated business management software that covers financial accounting, inventory,
management, billing, statutory reports and MIS.it is one of the leading enterprise software in India. which is developed by busy InfoTech.
On running the busy application start up screen will be shown.in the startup screen only the company menu is active and all other menus are inactive. All other menus will be active only when a company is opened in busy.
On creating a company a user name & password is mandatory. After creating a company we can edit, close, and delete the company as per requirement.
In the second step we can configure the existing settings of company as per out requirement from
Administration menu ———configuration.
Busy provides various masters under master menu. Such as account master, item master, bill sundry
master, and so on. Basic masters that are required any type of company get created itself with
company creation. For exp. Cash account, stock account, miscell aneous expenses account, and GST
accounts, etc. the default accounting masters are 71. Out of these following five are pre define
account masters
cash, profit & loss a/c, purchase a/c, sale a/c, stock a/c.
BUSY ACCOUNT GROUPS
Busy have 29 predefine accounts groups in which 10 groups are primary and 19 are sub group.
TALLY WITH SHORTCUT KEYS NOTES
TRANSACTIONS:
On clicking the transaction menu, a list of all the voucher types appears
1. Supply outward To record sale Transactions.
2. Supply inward to record purchase transactions.
3. ‘sup out’ return/cr.Notes to record sale return transactions.
4. ‘sup in’ return/dr. notes to record purchase return transactions.
5. Payment to record payment entry.
6. Receipt to record receipts entry.
7. Journal to record all adjustments entries like GST adjustment, depreciation, etc.
8. Contra to record contra like bank to cash, cash to bank, cash to cash, bank to bank.
9. Dr.note(w/o itemto record debit note entry.
10. Cr.note(w/o item) to record credit note entry.
11. Stock transfer to record stock transfer entry.
12.Production to record manufacturing entry.
13. Unassembled to record product unassembled entry.
14. Stock journal to record stock journal entry like stock transfer, manufacturing etc.
15.Mat.issued to party to record the transaction of material issued to party.
16. Mat. Received from party to record the transaction of material received from party.
17. Physical stock to record physical stock entry.
18. GST mis. Utilities to record GST miscellaneous utilities like advance receipts, tax adjustment
etc.
PYTHON NOTES IN HINDI
Inventory accounting in Busy
Main features are :-
-
Stock group
-
Stock item
-
Unit of measure
- Stock group :- To Create Primary Entity Of Goods.
- Stock item :- To Create Item Name Of Goods.
- Unit of measure :- To Create Unit Of Goods.
Predefine units
1.Dozens
2.Gms.
3.Kgs.
4.Meter
5.N.A.
6.Pcs
7. Tonne
8.Units
GST – GOODS AND SERVICE TAX
(ONE NATION ONE TAX)
Goods and Service tax is applied by Government of India from july 2017 to apply one tax system all over the India.
In GST many indirect taxes are removed such as VAT, Service Tax, Luxury Tax, Octroi, etc. of old tax system.
Now only GST is applicable instead of all these taxes.
Tax Rates In GST:
Nil Rated – (Exp :- Grain, Fresh Vegetables, milk etc.
5% – (Exp:- Edible Oil, Sugar, Tea, Coffee etc.)
12% – (Exp:- Computer, Processed Food, etc .)
18% – (Exp:- Hair oil, Tooth Paste, Soaps etc.)
28% – (Exp:- Small cars (+1% or 3% cess), AC, fridge etc.)
Note:- Liquor, Electricity, Real Estate & Petroleum are not covered with GST.
Terminology of GST
SGST (State Goods & Service Tax) :-
this tax is collected by State Government.
CGST (Central Goods & Service Tax ):-
this tax is collected by Central Government.
Note:- this tax will be charged on doing intrastate transaction. With this state and central government will get equal share according to above tax rates.
Exp:- Tax Rate 12% = CGST 6% + SGST 6%
IGST (Integrated Goods & Service tax ):-
this tax will be charged on doing interstate transaction.
Full share of IGST is collected by central government. This is not a new tax, but is the collective form
of CGST and SGST. In IGST central government will give the share of the tax to the state in which the
goods are consumed by the consumer.
BUSY ACCOUNTING NOTES WITH GST
CURRENT GK
ITC (INPUT TAX CREDIT )
Rules To Setoff Tax Liability
INPUT TAX CREDIT Setoff WITH LIABILITY
IGST IGST,CGST,SGST(IN THAT ORDER)
CGST CGST,IGST (IN THAT ORDER)
SGST SGST, IGST(IN THAT ORDER)
Note:-
HSN mean Harmonized System of Nomenclature code used for classifying the goods under the GST, Goods and Service Tax. The SAC code means Services Accounting Code under which services fall under GST are classified.
PREDEFINE BILL SUNDRY
1. Cess on GST
2.Cess on GST (ITC None)
3.CGST
4.CGST(ITC NONE)
5.DISCOUNT
6.FREIGHT & FORWARDING CHARGES
7.IGST
8.IGST(ITC-NONE)
9.ROUND OFF(-)
10.ROUND OFF(+)
11.SGST
12.SGST(ITC-NONE)
BUSY ACCOUNTING NOTES WITH GST
PREDEFINE SALE TYPES & PURCHASE TYPES
–
1.I/GST-12%INTERSTATE
2.I/GST-18%INTERSTATE
3.I/GST-28%INTERSTATE
4.I/GST-5%INTERSTATE
5.I/GST-EXEMPT INTERSTATE
6.I/GST-EXPORTINTERSTATE
7.I/GST-ITEMWISE INTERSTATE
8.I/GST-MULTIRATE INTERSTATE
9.I/GST-TAX INCL. INTERSTATE
10.I/GST-ZERO RATED INTERSTATE
11.L/GST-12% LOCAL
12.L/GST-18% LOCAL
13.L/GST-28% LOCAL
14.L/GST-5% LOCAL
15.L/GST-EXEMPT LOCAL
16.L/GST- STOCK TRF.LOCAL
17.L/GST- ITEMWISE LOCAL
18.L/GST-MULTIRATE LOCAL
19.L/GST-TAX INCL.LOCAL
20.L/GST-ZERO RATEDLOCAL
NOTE-L/GST-Unreg(RCM)LOCAL (ONLY FOR PURCHASE TYPES)
TAX CATEGORY
1.None
2.Exempt
3.GST 12%
4.GST 18%
5.GST 28%
6.GST 5%
7.SERVICE 18%
8.ZERO RATED
AUTOCAD NOTES
conclusion (निष्कर्ष ):- आज हमने बिजी (BUSY ACCOUNTING) के लिए कुछ बहुत ही महत्त्वपूर्ण जानकारी पढ़ी।। मुझे आशा है कि इस पोस्ट के अध्ययन से आपको बिजी preparation में सहायता होगी । यदि आपको मेरे द्वारा दी गई जानकारी helpful लगी हो तो इसे शेयर अवश्य करे ताकि और स्टूडेंट्स को भी बिजी (BUSY ACCOUNTING) को सीखने का मौका मिल सके ।