TurboCASH provides this useful feature to generate transactions
for those debtor accounts, which are overdue and have a percentage monthly
interest entered in the Edit - Accounts - Debtor (Accounting Information
tab) menu option. If this option is
initiated, TurboCASH will calculate the Interest and generate the transactions.
Once the batch has been posted, the debtors accounts will be increased (debited)
and the selected contra account (e.g. interest received -income account) will
also be increased (credited).
To Generate Multiple Entries for Interest on Overdue Debtor Accounts:
Click on the 
speed button or icon. You may also press the
key on your keyboard. Alternatively you may press the 
and 
and
keys on your keyboard. The Batch Type screen will be displayed.
Select the Batch Type (except Payment and Receipt Batches,
which is linked to Bank Accounts) and click on the 
button. The batch entry
screen for the selected Batch Type will be displayed.
Click on the 
speed button or icon or press the
key on your keyboard. The Process the batch options screen will be
displayed.
Select the Generate Multiple Entries option and click on the
button. The Generate Multiple Entries screen will be displayed. Select the
interest on overdue debtors option and the screen will change to reflect the
options for this option.
Select and enter the following:
Click on the button. The Generate Multiple Entries screen
will automatically be closed and TurboCASH will calculate the Interest and
transfer the calculated interest transactions for the Debtors which have a
monthly interest percentage entered in the Edit - Accounts - Debtor (Accounting
Information tab) menu option. The transactions will be imported into the
selected batch.
Click on the 
speed button or icon or press the
key on your keyboard to balance the batch.
Click on the speed button or icon or press the
key on your keyboard to change the alias. This will help you
if you wish to identify a specific batch, if you wish to generate a batch type report or if you wish to
export posted batches to a
file.
Click on the 
speed button or icon or press the
key on your keyboard to list the batch. It is a good idea to list the
batch and check the entries on the batch thoroughly. If there are any errors,
you may edit the batch before posting the batch.
Click on the 
speed button or icon or press the
key on your keyboard to post the batch. TurboCASH will post the
entries to debit the individual debtor accounts, credit the total to the
selected contra account (i.e. interest received).
The Debtors Account is debited with the interest amount, which the Debtor needs to pay. The Contra Account (e.g. Interest Received - Income) is credited with the amount charged to the Debtor's Account.
To Generate Multiple Entries for Interest on Overdue Debtor Accounts:
Click on the
speed button or icon. You may also press the
key on your keyboard. Alternatively you may press the and and
keys on your keyboard. The Batch Type screen will be displayed.Select the Batch Type (except Payment and Receipt Batches,
which is linked to Bank Accounts) and click on the button. The batch entry
screen for the selected Batch Type will be displayed.
Click on the speed button or icon or press the
key on your keyboard. The Process the batch options screen will be
displayed.Select the Generate Multiple Entries option and click on the
button. The Generate Multiple Entries screen will be displayed. Select the
interest on overdue debtors option and the screen will change to reflect the
options for this option.
Select and enter the following:| Option | Description | |
| Date for Transactions | Enter or select the date for which the transactions should be generated. | |
| Contra Account | Select the account to be credited with the generated transactions. This account should be an Income or Interest Received account. | |
| Number of days overdue | Enter the number of days the account is overdue. Note it is important that the correct number of days be entered here. TurboCASH will use this to calculate the Interest amount. |
Click on the button. The Generate Multiple Entries screen
will automatically be closed and TurboCASH will calculate the Interest and
transfer the calculated interest transactions for the Debtors which have a
monthly interest percentage entered in the Edit - Accounts - Debtor (Accounting
Information tab) menu option. The transactions will be imported into the
selected batch.
Click on the speed button or icon or press the
key on your keyboard to balance the batch.
Click on the speed button or icon or press the
key on your keyboard to change the alias. This will help you
if you wish to identify a specific batch, if you wish to generate a batch type report or if you wish to
export posted batches to a
file.Click on the speed button or icon or press the
key on your keyboard to list the batch. It is a good idea to list the
batch and check the entries on the batch thoroughly. If there are any errors,
you may edit the batch before posting the batch.Click on the speed button or icon or press the
key on your keyboard to post the batch. TurboCASH will post the
entries to debit the individual debtor accounts, credit the total to the
selected contra account (i.e. interest received).
The Debtors Account is debited with the interest amount, which the Debtor needs to pay. The Contra Account (e.g. Interest Received - Income) is credited with the amount charged to the Debtor's Account.
