taken from the
If you have an existing business and you have accounting
records on a previous accounting system, you need to take on opening balances 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.
The closing balances of your General Ledger Accounts can be obtained from your closing Trial Balance and / or Financial Statements (Income Statement and Balance Sheet) of your previous accounting system. The Trial Balance and the Balance Sheet only includes the totals of your Debtors and Creditors Ledger and is reflected in the respective Control Accounts.
To enter opening balances from a Trial Balance:
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 General Journal Batch Type and click on the 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 search facility screen listing your available Accounts as well as the
Options for this batch screen will be displayed.
Select the Suspense Contra Account - 999/000
and press the 
key on your keyboard. The selected account will be
displayed in the Contra Account field. Select the following options:
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 All (if not already selected). Click on
the 
button to apply your
settings to the batch entry screen.
Enter the opening balances from your trial
balance on 28 February, the last day of your previous financial year or
accounting period in the General Journal. (The following is an example of a
Closing Trial Balance).
After the Closing Trial Balance is captured in the General Journal, the General Journal should be displayed as follows:
Do not necessary to "Balance" this batch, as your Trial Balance should already be in balance. You only need to check that the Batch is in balance. The total debit amounts and the total credit amounts should be equal. A zero will be displayed at underneath debit amount column to indicate that the batch is in balance.
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.
This concludes the taking on of opening balances for the General Ledger. It is good practice to generate a Trial Balance in TurboCASH at this point and check it with the Trail Balance of your previous accounting records from which you have entered your transactions. This Trial Balance could be retained with your working papers and the previous Trial Balance for record and audit purposes. You still need to take-on the opening balances in the following Subsidiary Ledgers:
The total of the Creditors Ledger is posted to a Sundry Creditors Account (0CO-PEN Creditors Opening Balances) and not the Creditors Control Account. The amount of this Sundries Account is recorded in the Creditors Ledger and will be reported in the Creditors Control Account in the General Ledger.
The closing balances of your General Ledger Accounts can be obtained from your closing Trial Balance and / or Financial Statements (Income Statement and Balance Sheet) of your previous accounting system. The Trial Balance and the Balance Sheet only includes the totals of your Debtors and Creditors Ledger and is reflected in the respective Control Accounts.
To enter opening balances from a Trial Balance:
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 General Journal Batch Type and click on the 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 search facility screen listing your available Accounts as well as the
Options for this batch screen will be displayed.
Select the Suspense Contra Account - 999/000
and press the key on your keyboard. The selected account will be
displayed in the Contra Account field. Select the following options:
- No Tax option (since no tax is applicable on Opening Balances) - The tax column and lookup facility will not be available when entering transactions.
- Repeat Details - Select if the same transaction description applies to all the entries or most of the entries in the
batch.
- Amount Entry - Select Allow both (Debit and Credit), since you need to enter amounts in both the debit and credit columns of the batch.
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 All (if not already selected). Click on
the button to apply your
settings to the batch entry screen.Enter the opening balances from your trial
balance on 28 February, the last day of your previous financial year or
accounting period in the General Journal. (The following is an example of a
Closing Trial Balance).After the Closing Trial Balance is captured in the General Journal, the General Journal should be displayed as follows:
Do not necessary to "Balance" this batch, as your Trial Balance should already be in balance. You only need to check that the Batch is in balance. The total debit amounts and the total credit amounts should be equal. A zero will be displayed at underneath debit amount column to indicate that the batch is in balance.
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.
This concludes the taking on of opening balances for the General Ledger. It is good practice to generate a Trial Balance in TurboCASH at this point and check it with the Trail Balance of your previous accounting records from which you have entered your transactions. This Trial Balance could be retained with your working papers and the previous Trial Balance for record and audit purposes. You still need to take-on the opening balances in the following Subsidiary Ledgers:
- Debtors' Ledger - take-on Debtor opening balances.
- Creditors' Ledger - take-on Creditor opening balances..
The total of the Creditors Ledger is posted to a Sundry Creditors Account (0CO-PEN Creditors Opening Balances) and not the Creditors Control Account. The amount of this Sundries Account is recorded in the Creditors Ledger and will be reported in the Creditors Control Account in the General Ledger.
