About TurboCASH

If you have an existing business and you have accounting records on a previous accounting system, you need to take on opening balances of the creditor accounts in TurboCASH, unless your data has been converted from a previous version of TurboCASH or Pastel version 5.2 when you start to use TurboCASH.

To do this, you need a list of all your creditor accounts with a grand total. This grand total must balance with the Creditors Control account's opening balance, which was entered in the batch for the General Ledger account opening balances. The list will basically reflect the account balances, but if you wish to make use of the ageing facility in TurboCASH (Creditor Age Analysis Reports and Creditor Remittance Advises), it is recommended that the list include the ageing of the account balances. The following is an example of the creditor list:

You have two basic options to take-on your individual Creditor account opening balances:

Enter the individual Creditor accounts with the outstanding total of the opening balances (e.g. 1 000) for the previous financial year or accounting period (e.g. 28 February 2005) to clear the Sundry Creditors Account in one Journal. In this case you will not be able to make use of the ageing facility in the Reports - Creditors - Age Analysis for the first ageing periods. However, you may start to process your purchases, returns and payments, once these balances are recorded.
Enter the individual Creditor accounts with the outstanding amounts for each accounting period (e.g. 500 for 28 February, 300 for 31 January and 200 for December) to clear the Sundry Creditors Account in three Journals or batches. In this case you will be able to make full use of the ageing facility in the Reports - Creditors - Age Analysis menu option for the first ageing periods. You may start to process your purchases, returns and payments, once these balances are recorded.

To take-on Opening Balances for your Creditors:

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 General Journal Batch Type and click on the

button. The Batch Entry screen for the General Journal will be displayed.

Click on the

speed button or icon to set your batch up. The Accounts search facility screen as well as the Options for this batch screen will be displayed.

Select the Sundry Creditors account as the Contra Account - 1CO-PEN and press the

key on your keyboard. The selected account will be displayed in the Contra Account field. Select the following options:

Repeat Details option to repeat the Description on each line in the batch.
Consolidate Balancing TurboCASH will create the balancing entry for all the Creditor accounts and balances entered into the batch when you balance the batch.
Amount Entry - select Credit, since you will have to list the individual credit balances for the Creditor accounts in the batch.
Leave all other fields blank and click on the OK button.

Click on the Advanced tab to set the Advanced options for this batch.

All options may be left blank. It is recommended that Account code lookup type as well as the Contra account lookup type be set to Creditors, since you only need to enter the balances for Creditor accounts. The balancing account, i.e. 1COPEN, in this example, is also a Creditor account. Click on the

button to apply your settings to the batch entry screen.

Enter the opening balances from your list of creditor balances on 28 February, the last day of your previous financial year or accounting period in the General Journal. (Note if you wish to use the ageing feature in TurboCASH, you need to enter the ageing balances as at the end of each accounting period in separate journals).

For example - February outstanding balances -

Click on the

speed button or icon or press the

key on your keyboard to Balance the Batch - TurboCASH will create a balancing entry to the Sundry Creditors account (e.g. 1CO-PEN) with the total amount of the creditors balances entered. Remember to overtype the description BALANCING ENTRY - General Jnl with a description of your own.

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 ask you to confirm that you are posting transactions to the previous financial year. Click on the

button or press the

key on your keyboard to continue posting. TurboCASH will now post all the transactions to the General Ledger.

Should you wish to use the ageing feature, repeat the process with the ageing balances for each accounting period (e.g. January and December).

After all your opening balances in each accounting period have been posted to the Creditors ledger, the Sundry Creditors Account, should reflect a zero balance. Your transactions can be viewed in the various creditor reports and in the T-Account viewer.