Reverse Charge Mechanism RCM in BUSY English

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To implement Reverse Charge Mechanism in BUSY, you need to perform the following steps: • 1. Specify Reverse Charge Mechanism applicability and Input Type for Expense account in Account master. • In Account master, add or modify the existing expense account and specify the RCM, Input Type and Tax Category. • For tagging RCM to the expense account, you need to specify data in the following fields: • ● RCM – Under this data field, the following five options appear: • a. Based on Daily Limit • b. Compulsory (Reg. Dealer) • c. Compulsory (Unreg. Dealer) • d. Service Import • e. Not Applicable • ● Input Type – Under this data field, the following options appear: • a. Input Goods • b. Input Services • c. Capital Goods • d. None • ● Tax Category • 2. Enter the Payment voucher and specify the GST nature. • After tagging RCM and specifying the Input Type with Expense accounts, you need to enter a Payment voucher for expenses made on goods services. • After specifying the voucher date and series, you need to specify the GST nature in the Payment voucher. Various options that appear under the GST Nature data field are: • a. Not Applicable • b. RCM (Reg/Unreg) Purchase / Expense • c. Registered Expense / Purchase • d. Refund against Advance Receipt • e. GST Exempt • f. GST Paid (No Input) • After selecting this option, debit the expense account, credit the cash/bank account and save the voucher. However, if you want, you can enter a Purchase voucher also for the RCM In the Purchase voucher, you must select the Purchase Type as L/GST – Unreg (RCM). After selecting this option, you must specify the ITC Eligibility and Reverse Charge. If you want, you can also post a Journal voucher also for the RCM purchase. • 3. View the daily consolidated RCM payable and post the Journal voucher for the RCM payable. • Under Transactions GST Misc. Utility menu, select Check/Post Consolidated RCM Payable option. On selecting this option, a Consolidated RCM Payable window appears in which you need to specify the date for which you want to view RCM Payable and post a voucher for it. On specifying the date, an RCM Summary window will appear. Press Enter Key on the row whose details you want to view and want to post a Journal voucher for the same. On pressing the Enter key, a Consolidated RCM Payable window appears. • In the window, data will appear in the following cases: • a. If there exists a Payment voucher for the specified date on which GST Nature is RCM (Reg/Unreg) Purchase / Expense and account debited, have RCM as Compulsory (Regd.), Compulsory (Un. Regd) and Import of Services. • b. If there exists a Payment voucher for the specified date on which GST Nature is RCM (Reg/Unreg), Purchase / Expenses and accounts debited have RCM based on the Daily Limit, AND the total/consolidated amount of such vouchers for the specified date is greater than Rs. 5000. • You can press the F4 key in the window to post a Journal voucher for the RCM payable. On pressing the F4 key, a Generate ‘Consolidated RCM Payable’ voucher window appears in which you need to specify the IGST/CGST/SGST Input Available (RCM) accounts and IGST/CGST/SGST Payable (RCM) accounts. By default, these accounts are created by BUSY, and you can use those accounts. • Click the Save button to post the Journal voucher. • The data shown in the Reverse Charge Liability window will be reflected in GSTR-2 as Reverse Charge Liability. • About Busy: Busy Accounting Software is a leading accounting solution designed for small businesses that are both comprehensive and easy to use. Busy helps you streamline your bookkeeping and increase accounting efficiency with features like financial accounting, inventory management, auto E-Way Bill and E-Invoice generation, and GST invoicing. Take a free trial of Busy today! • Watch other videos related to RCM. • Reverse Charge Mechanism - RCM in BUSY (Hindi) - • Reverse Charge Mechanism - RCM in BUS... • Implementing RCM in BUSY (Old) - Hindi - • Implementing RCM in BUSY (Old) - Hindi • Implementing RCM in BUSY (Old) - English - • Implementing RCM in BUSY (Old) - English • Implementing RCM in BUSY (English)_Old - • Implementing RCM in BUSY (English)_Old • Implementing RCM in BUSY (Hindi)_Old - • Implementing RCM in BUSY (Hindi)_Old \\

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