In TurboCASH the chart of accounts that is created or selected and may be customised to suit your specific needs and should reflect the business activities of your business. All accounts in your chart of accounts must either linked to a Balance Sheet or Income Statement category.
It may be a good idea to print the Chart of Accounts and to check that the Chart of Accounts caters for all the accounts (Income, Expenses, Assets, Capital and Liabilities) for your business or organisation. You may create, edit or delete general ledger accounts on the chart of accounts to cater for your specific requirements
The Chart of Accounts for the ExampleSA Set of Books is listed below and is split into the two parts i.e. Income Statement Accounts and Balance Sheet Accounts, for your convenience:
- Income / Expense Accounts on the Chart of
Accounts
The first part reflects the Income / Expense type of
accounts, which is reported on the Income Statement:
NETT PROFIT / NET LOSS = INCOME - EXPENSE ACCOUNTS
Income Statement Financial Categories - (Income and Expenses):
Account
Description
Account Group1
Type
G010
Sales
INCOME
Inc / Exp
G050
Other Sales
INCOME
Inc / Exp
G060
Bad Debts Recovered
OTHER INCOME
Inc / Exp
G065
Cash Discount Received
OTHER INCOME
Inc / Exp
G070
Interest Received
OTHER INCOME
Inc / Exp
G075
Profit/Loss- Sale of Fixed Assets
OTHER INCOME
Inc / Exp
G080
Sundry Income
OTHER INCOME
Inc / Exp
G100
Cost of Sales
COST OF SALES
Inc / Exp
G180
Delivery Charges
EXPENSES
Inc / Exp
G200
Accountancy Fees
EXPENSES
Inc / Exp
G205
Advertising
EXPENSES
Inc / Exp
G210
Audit Fees
EXPENSES
Inc / Exp
G215
Bank Charges
EXPENSES
Inc / Exp
G220
Cleaning
EXPENSES
Inc / Exp
G225
Commissions Paid
EXPENSES
Inc / Exp
G230
Consultancy Fees
EXPENSES
Inc / Exp
G235
Depreciation
EXPENSES
Inc / Exp
G240
Entertainment
EXPENSES
Inc / Exp
G245
Finance Charges
EXPENSES
Inc / Exp
G250
Gifts and Donations
EXPENSES
Inc / Exp
G254
Insurance
EXPENSES
Inc / Exp
G255
Interest Paid
EXPENSES
Inc / Exp
G260
Legal Fees
EXPENSES
Inc / Exp
G262
Lights and Water
EXPENSES
Inc / Exp
G265
Medical Expenses
EXPENSES
Inc / Exp
G270
Motor Vehicle Expenses
EXPENSES
Inc / Exp
G270001
Fuel
EXPENSES
Inc / Exp
G270002
Motor Repairs
EXPENSES
Inc / Exp
G270003
Motor Costs Other
EXPENSES
Inc / Exp
G275
Printing Postage and Stationery
EXPENSES
Inc / Exp
G280
Repairs and Maintenance
EXPENSES
Inc / Exp
G285
Rent Paid
EXPENSES
Inc / Exp
G290
Salaries - Directors
EXPENSES
Inc / Exp
G300
Salaries - Staff
EXPENSES
Inc / Exp
G305
Salaries/Wages- Employers Contrib.
EXPENSES
Inc / Exp
G310
Subscriptions
EXPENSES
Inc / Exp
G315
Telephone and Fax
EXPENSES
Inc / Exp
G320
Travelling Expenses
EXPENSES
Inc / Exp
G330
Wages
EXPENSES
Inc / Exp
- Balance Sheet Accounts on the Chart of Accounts The second part reflects the Balance Sheet (Assets, Capital and Liabilities) type of accounts, which is reported on the Balance Sheet:
CAPITAL = ASSETS - LIABILITIES
Balance Sheet Accounts - Financial Categories (Capital, Liabilities and Assets):|
Account |
Description |
Account Group1 |
Type |
|
G505 |
SHARE CAPITAL |
CAPITAL |
|
|
G510 |
RETAINED INCOME |
CAPITAL |
Retained Income |
|
G550 |
Long Term Loans |
LONG TERM LIABILITIES |
|
|
G560 |
Instalment Sale - Creditors |
LONG TERM LIABILITIES |
|
|
G600 |
FURNITURE AND FITTINGS |
FIXED ASSETS |
|
|
G600010 |
Furniture and Fittings at Cost |
FIXED ASSETS |
|
|
G600020 |
Furniture/Fittings Accum Deprec |
FIXED ASSETS |
|
|
G620 |
OFFICE EQUIPMENT |
FIXED ASSETS |
|
|
G620010 |
Office Equipment at Cost |
FIXED ASSETS |
|
|
G620020 |
Office Equipment Accum Depreciation |
FIXED ASSETS |
|
|
G640 |
MOTOR VEHICLES |
FIXED ASSETS |
|
|
G640010 |
Motor Vehicles at Cost |
FIXED ASSETS |
|
|
G640020 |
Motor Vehicles Accum Depreciation |
FIXED ASSETS |
|
|
G700 |
DEBTORS CONTROL ACCOUNT |
CURRENT ASSETS |
Debtors Control |
|
G730 |
DEPOSITS PAID |
CURRENT ASSETS |
|
|
G750 |
STOCK CONTROL ACCOUNT |
CURRENT ASSETS |
|
|
B810 |
CURRENT BANK ACCOUNT |
CURRENT ASSETS |
Bank Account |
|
B820 |
PETTY CASH |
CURRENT ASSETS |
Bank Account |
|
B840 |
CREDIT CARD |
CURRENT LIABILITY |
Bank Account |
|
G900 |
CREDITORS CONTROL ACCOUNT |
CURRENT LIABILITY |
Creditors Control |
|
G920 |
SALARIES CONTROL |
CURRENT LIABILITY |
|
|
G920001 |
Salaries |
CURRENT LIABILITY |
|
|
G920002 |
UIF Payable |
CURRENT LIABILITY |
|
|
G920003 |
PAYE Payable |
CURRENT LIABILITY |
|
|
G920004 |
Skills Development Levy |
CURRENT LIABILITY |
|
|
G950 |
VAT CONTROL ACCOUNT |
CURRENT LIABILITY |
|
|
T950001 |
Output (Sales) VAT 14% |
CURRENT LIABILITY |
Tax Account |
|
T950002 |
Input VAT (Exp) - 14% |
CURRENT LIABILITY |
Tax Account |
|
T950003 |
Zero Rated VAT - 0% |
CURRENT LIABILITY |
Tax Account |
|
G950100 |
VAT PAYMENT ACCOUNT |
CURRENT LIABILITY |
|
|
G999 |
SUSPENSE ACCOUNT |
CURRENT LIABILITY |
A chart of accounts may be customised to suit your specific needs. You may change descriptions, add new accounts and sub-accounts. TurboCASH allows you to create up to 999 main accounts. For each of these main accounts you may also create up to 999 sub-accounts.
