How to Create Company in Busy
Creating a New Company
In accounting software, the first step is to create a company in which you can record all the transactions of your company. You can create company in BUSY with the name of your company, firm, factory or outlets. You can create a single company or can create multiple companies. If you have different branches of your company in different cities then you can create multiple companies with the name of the city appended with the company name or if you are a Chartered Accountant then you can create various companies for the different clients with whom you deal.
Creating a company in BUSY is first and foremost step. To create company in BUSY, you need to perform the following steps:
- Double click the BUSY icon on the desktop. It will run the BUSY application.
- On running the BUSY application, Startup screen of BUSY appears (see figure 3.1). In the Startup screen of BUSY, only the Company menu is active. In the Company menu, click the Create Company option.
- On clicking the Create Company option, a Create Company window appears in which you can specify the name of company to be created and other information about the company such as Address, Currency applicable, VAT applicable for the company or not and so on. Given here is a screenshot of Create Company window.
In the Create Company window, various data fields appear in which data needs to be entered. The data fields in the window are:
Enter the name of the company in this data field. In the above screenshot, name of the company is taken as Star Electronics.
è In BUSY,
you cannot create
two companies with same name. Companies name should always
Enter Print Name of the company in this data field. Print Name refers to the name, which will be printed on the reports of the company. Name and Print Name of the company can be same also. You can also give same Print Name to more than one company. Let us understand the relevance of Print Name with the help of an example. Star Electronics Company has two branches, one in Delhi and other in Mumbai. For this purpose, it created two companies in BUSY with the name Star Electronics – Delhi and Star Electronics – Mumbai. However, at the same time it wanted that in the reports name of the company should appear as Star Electronics instead of Star Electronics – Delhi or Star Electronics – Mumbai. Hence, it gives the Print Name of both the companies as Star Electronics. Now whenever it
will print reports for any of these companies the name of the company in the report will appear as Star Electronics.
F. Y. Beginning From
F. Y. is the abbreviated form for financial year. Financial year here refers to the accounting period under which your company is incorporated. Generally, an accounting period is from 1st April to 31st March. For example, if your company is incorporated on 1st June 2010 then enter 1st April 2010 in this data field as your company is incorporated in the financial year starting from 1st April 2010.
è You cannot change the original beginning
F. Y. once it is saved. You can
go to the successive
financial years but cannot go to the F. Y. prior
to the original beginning financial year.
Books Commencing From
Enter the date on which you have started the books of your company. Continuing with the above example, Books Commencing From date will be 1st June 2010.
In the Address Information sub-group, various data fields appear in which address, telephone number and other details about the company are to be entered. Various data fields under this sub-group are:
Four lines for entering address of the company appear. You can enter address of the company in these four lines.
Enter the IT PAN of the company in this data field.
Enter telephone number of the company in this data field.
Enter the Ward under which the company falls in this data field.
Enter fax number of the company in this data field.
Enter E-mail address of the company in this data field.
Country / State Information
Under this group, you have to specify the country and the state under which your company exist. For this, two data fields, Country and State are provided. Select the required Country and State in these data fields.
Under this sub-group, you have to specify the currency of the country in which your company exists. Three data fields are provided under this sub-group. The data fields are:
Enter the currency symbol in this data field. For example, symbol of Rupees is Rs., Dollar is $, Pound is
£ and so on.
Enter the currency string in this data field. For example, currency string is Rupees, Dollar, Pound and so on.
Enter currency sub-string in this data field. For example, sub-string of Rupees is Paisa, Dollar is Cent, Pound is Pence and so on.
Sales Tax / VAT / GST Information
Under this sub group, you can enable the Sales Tax / VAT / GST for the company and specify the type of tax applicable for your company. For example, if you pay and charge VAT on the goods in which you deal then you can specify the type of tax as VAT. Various data fields that appear under this sub group are:
Enable Sales Tax / VAT / GST
Specify ‘Y’ in this data field if you want to enable Sales Tax / VAT / GST for the company.
Select the type of tax i.e. LST, VAT or GST.
Enable Add. Tax / Schg.
Specify ‘Y’ in this data field if you want to enable Additional Tax / Surcharge for the company.
This data field is active only if you have specified ‘Y’ in the Enable Add. Tax / Schg. data field. Specify the caption to be used for Additional Tax / Surcharge in this data field. For example, for Additional Tax, you can use term as Add. Tax, for Surcharge, you can use term as Schg.
This data field is active only if you have selected type of tax as VAT. Specify TIN of the company in this data field.
This data field is active only if you have selected type of tax as LST. Specify Local Sales Tax number of the company in this data field.
This data field is active only if you have selected type of tax as GST. Specify GST number of the company in this data field.
This data field is active only if you have selected type of tax as LST or VAT. Specify Central Sales Tax number of the company in this data field.
è If you have
selected a Country other than India in the Country
/ State Information sub group
then two additional data fields Default
Tax Rate 1 and Default Tax Rate 2 appear
under the Sales Tax / VAT / GST Information sub group. Specify the default tax rates applicable
for the company in these data fields.
After entering required details, click the Save button to save the company details. On clicking the Save
button, a Save message box appears.
Click the Yes button in the Save message box to save the information. On clicking the Yes button, a Copy Masters & Configuration message box appears. If you are a first time User, and creating first company in BUSY then this message box will not appear. It appears only when a company already exists at the path specified in the Set Data Directory option (See topic 3.6) or at the Server specified in the Set Server Information option. In the message box, there are two buttons. The buttons are:
- Yes – Click this button if you want to copy masters and configurations from some other company. On clicking this button, it will ask you to select an existing company from where the Masters and Configuration settings will be copied.
- No – Click this button if you do not want to copy Masters and Configuration settings from any other company.
Once the company is created, a Congratulations message box appears confirming the creation of the company. On clicking the Ok button, in the Congratulations message box, a SuperUser Creation window appears. Given here is a screenshot of SuperUser Creation window.
Figure 3.2 SuperUser Creation
Before discussing the creation of SuperUser, let us first discuss the concept of SuperUser.
SuperUser is the top most user in the hierarchy of the users in BUSY. A SuperUser is like the owner of a business who has all the rights and access privileges in the business and defines the rights and access of other users. SuperUser is defined at the time of creation of a company. There can be only one SuperUser for a company and has the right to create or modify any number of users in company. In addition, he has the right to enter, modify, delete and list any data of the company. To create a SuperUser you need to enter some information in the appropriate data fields. Listed here are the fields:
Enter the name of the SuperUser in this data field. You can enter a SuperUser name with maximum of 20 characters.
Enter the password for the SuperUser. You can enter a password with maximum of 20 characters.
You are required to re-enter the password. This is done to confirm your password.
After entering data in the data fields, click the Save button. Next, a Save message box appears. Click the Yes button in the Save message box to save the SuperUser. Next, BUSY will create the SuperUser for the company. After the creation of the SuperUser, BUSY automatically opens the Features / Options window (See Unit 4) in which you can set the features and options as required in the company. You can set the features and options later also by going to the Administration à Configuration à Features / Options menu.
After following the above steps, you have successfully created a company in BUSY.