About TurboCASH

This option is used to capture all the supplier returns or supplier credit notes you have received for returns or allowances on credit purchases from your creditors or suppliers. If you have purchased trading stock items, and you return these purchased stock items, you need enter your credit purchases of trading stock in the Input - Documents - Goods Returned menu option. By creating a Goods Returned document, TurboCASH will automatically write up your Purchase Journal for you.

This journal is used to record your credit purchases for the day. You would record the supplier invoice number, date of the supplier invoice, details, the creditor (from whom you have purchased), Input VAT (if you are registered for VAT) and the amount - including or excluding VAT, if you are registered for VAT and VAT is applicable to a transaction.

To Enter your Purchase Return / Creditor Allowances Transactions:

Click on the

speed button or icon. You may also press the

key on your keyboard. Alternatively you may press the

and

keys on your keyboard. The Batch Type screen will be displayed.

Select the Purchase Journal or Purchase Returns or Creditor Allowances Journal (if you have created such a journal) from the list displaying the available Batch Types and click on the

button. The Batch Entry screen for the Purchase Journal or Purchase Returns or Creditor Allowances Journal will be displayed.

If no contra account is displayed on the Batch Type selection screen, you need to set the options for the batch. If you have not yet set the purchase journal batch up, or if your requirements should change, click on the

speed button or icon. Note that for Supplier Credit Notes, the Amount Entry field should be set to debit.

Enter the following supplier invoices in the Purchase Journal or Purchase Returns or Creditor Allowances Journal:

Enter and or select the following:

Reference number - Enter the purchase returns or other applicable number you allocate to the supplier credit note.
Date - Enter or select the date of the transaction.
Description - Enter a brief description for the transaction.
Account - select the Creditor Account.
Contra Account - Select the account to be credited with the credit purchase (expense or asset).
Tax Account - Select the applicable Input Tax Account for the expense or purchase. NOTE - this is only applicable if Input VAT is allowed on a transaction and if you are registered as a VAT Vendor and VAT has been charged on the original supplier invoice. If no VAT is applicable to the transaction, or all transactions in this batch, select the No Tax code. You may also select to hide the Tax column and lookup facility in the Setup Options for the Purchase Returns Journal.
Amount enter the amount of the transaction (Inclusive or Exclusive of VAT) in the Debit amount column.

After entering the invoices in the Purchase Journal or Purchase Returns or Creditor Allowances Journal, the transactions will be displayed as follows:

Click on the

speed button or icon or press the

key on your keyboard to balance the batch.

TurboCASH will generate balancing entries to the sales account and the Input VAT account. If the Consolidate balancing option is selected in the Setup Options for this batch, the description for the balancing entries or transactions, will be displayed as "BALANCING ENTRY Purchase Returns Jnl" or the name of your Returns Journal. It is a good idea to overtype this description as it is not very meaningful to an outside auditor or accountant. If you overtype these it will definitely make it easier to trace and reconcile transactions.

Overtype the description with "Supplier Credit Notes March 2005" in the description column.
Overtype the VAT description with "Input VAT -Supplier ReturnsMarch2005" in the description column.
Do not overtype the ******** as it will indicate that these are contra transactions.

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 creditor accounts, credit the total purchase returns to each of the selected purchase accounts (Expenses and / or Assets Accounts) and credit the VAT amount to the Input VAT account. The Accounts will be displayed as follows:

If the Consolidate Balancing Entries option was not selected when the options for this batch was set, the individual supplier credit notes would have been listed or posted to the selected General Ledger Accounts and Input VAT account.

It is not necessary to post or update the transactions at the end of each day. You may add your transactions on a daily or weekly basis and at the end of a month, you may post the transactions. When you have entered a few transactions, you may close or exit the batch. The data will not be lost.

Before you wish to post the batch, please ensure that you have checked the transactions and that you have changed the alias, print a list of the entries in the batch.

If you have supplier credit notes, you need to set the amount entry to debit in the setup options for the purchase journal batch before entering the supplier credit notes in the purchase journal. Alternatively, you may enter the supplier credit notes in the purchase returns or creditor allowances journal.