taken from the
The Chart of Accounts is a list of all general ledger accounts
created and edited in the Edit - Accounts - General Ledger menu
option. This Chart of Accounts or Account Listing is generated on the Accounts List Options screen and it
will include Bank Accounts created in the Edit
- Accounts - Bank Accounts and Tax Accounts
created in the Edit
- Accounts - Tax Accounts menu option.
The General Ledger account master files needs to be selected on the Accounts Search facility, Bank Accounts search facility and Tax Accounts search facility when you process transactions, documents, budgets and generate reports, etc.
Each account must be linked to an Account Group (created in the Setup - System Parameters - Groups (Accounts tab), which classifies or groups the accounts in the 5 Financial Categories (Income, Expenses, Assets, Capital and Liabilities). These Account Groups are linked to the Financial Categories in the Setup - System Parameters - Financial Categories menu option.
This Chart of Accounts will be listed in 5 columns:
If you have created a new Set of Books and you have selected one of the existing templates installed from the TurboCASH. Seven installation CD or if you have downloaded a Set of Books (template) from Pink Software's Web Site, you will already have a basic Chart of Accounts which you can use. It is recommended that you print the Chart of Accounts on the Reports - General Ledger - Chart of Accounts menu option, and to check that all the required accounts are available for your requirements. You need to identify the additional Accounts, you wish to add or even to create Sub-accounts for specific Accounts. You may also need to change the descriptions for some Accounts and may even wish to delete some Accounts, which you will to use at all.
The General Ledger account master files needs to be selected on the Accounts Search facility, Bank Accounts search facility and Tax Accounts search facility when you process transactions, documents, budgets and generate reports, etc.
Each account must be linked to an Account Group (created in the Setup - System Parameters - Groups (Accounts tab), which classifies or groups the accounts in the 5 Financial Categories (Income, Expenses, Assets, Capital and Liabilities). These Account Groups are linked to the Financial Categories in the Setup - System Parameters - Financial Categories menu option.
This Chart of Accounts will be listed in 5 columns:
-
Account - The account number or code is a 1 digit alpha
character followed by 3 numeric digits. If sub-accounts have been created for an
account, the sub-account number will be
displayed as the last 3 digits. The first digit will indicate the account type
and is as follows:
-
B- Accounts created in the Edit - Accounts - Bank Accounts
menu option. Each of the Bank accounts must be linked to its own Payments and Receipts batch or journal.
-
G - Accounts created in the Edit - Accounts - General
Ledger menu option as an Income or Expense Type or a Balance Sheet (Assets,
Capital and Liabilities) account.
-
T- Accounts created in the Edit - Accounts - Tax menu
option. These would be the tax codes containing the percentages, which
applies to each Tax code for Output and Input VAT.
-
B- Accounts created in the Edit - Accounts - Bank Accounts
menu option. Each of the Bank accounts must be linked to its own Payments and Receipts batch or journal.
-
Description - This is the account description or name of the
account or sub-account.
-
Account Group 1 - This is the Account Group 1 to which an
Account is linked when the Account / Sub-account was created.
-
Account Group 2 - This is the Account Group 2 to which an
Account is linked when the Account / Sub-account was created.
-
Type - The following types will be displayed
-
If a General ledger account or sub-account is created as an
Income / Expense Account, the account balances will reflect on the Income
Statement and will be used to calculate the net Profit or Net Loss.
-
If no type is displayed, the account balances will be
reported on the Balance Sheet.
-
Bank Account - These accounts are created in the Edit -
Accounts - Bank Accounts menu option.
-
Tax Account - These accounts are created in the Edit -
Accounts - Tax Accounts menu option.
-
Retained income / Retained Earnings - This account type
will be used to store the retained income or earnings and the net Profit or
net Loss will be transferred to this account when the Financial Year is closed.
-
Debtors Control - This is the control account for the
Debtors Ledger. All the transactions and balances for accounts created and
edited in the Edit - Accounts - Debtor menu
option will be displayed as a total in the control account.
-
Creditors Control - This is the control account for the
Creditors Ledger. All the transactions and balances for accounts created and
edited in the Edit - Accounts - Creditor menu
option will be displayed as a total in the control
account.
If you have created a new Set of Books and you have selected one of the existing templates installed from the TurboCASH. Seven installation CD or if you have downloaded a Set of Books (template) from Pink Software's Web Site, you will already have a basic Chart of Accounts which you can use. It is recommended that you print the Chart of Accounts on the Reports - General Ledger - Chart of Accounts menu option, and to check that all the required accounts are available for your requirements. You need to identify the additional Accounts, you wish to add or even to create Sub-accounts for specific Accounts. You may also need to change the descriptions for some Accounts and may even wish to delete some Accounts, which you will to use at all.
