BOOKKEEPING : CHART OF ACCOUNTS SETUP
those retail entities trading in stock items, TurboCASH will generate
documents (Invoices, Credit Notes, Quotes for your Debtors or Customers
and Purchase, Goods Returned and Orders for your Creditors or Suppliers).
TurboCASH will guide you through the process to create the Set of
Books. All you need to do is to enter a few basic details and select
a few options.
Create your Set of Books
Enter the Company Information:
- Company name - trading name of the business or organisation.
- Address - to be displayed on Statements, Remittance Advises, etc.
- E-mail Address - your business email address.
- Telephone number - to be displayed on Statements and Remittance Advises.
- Fax number - to be displayed on Statements and Remittance Advises.
- Company Registration number - if the business or organisation is registered as a limited company, non-profit organisation (NPO) or non-governmental organisation (NGO) or as registered in terms of any other legislation.
- VAT Registration number - only if you are registered for VAT.
Select the Tax Method, Logo, Date and Currency format:
- Tax Method - VAT Registration certificate will indicate the method you are registered (i.e. Invoice based or Payments based). (Only if you are registered for VAT).
- Due Account - You need to select an account, if Payments based Tax method is selected. (Only if you are registered for VAT).
- Company logo - You may load a Company picture logo to be displayed on your documents, if you are trading in Stock Items or wish to generate Documents (Invoices, Credit Notes, Quotes, Purchases, Goods Returned and Orders).
- Date Format - Check and edit the date format in which you wish to enter and view data in TurboCASH.
- Currency Symbol - The currency symbol to be displayed in TurboCASH (e.g. Pounds, Dollars, Rands).
Setup screens (Most of these Setup procedures are already pre-set if you have used the template Set of Books):
- Reporting Dates - The Start date of your financial year, and the number of accounting periods in your financial year. This is usually 12 for the 12 calendar months of a financial year.
Types - The journals you will be using to enter your
transactions and post the transactions to the ledger.
The most commonly used Batches are:
Sales Journal - for sales on credit
Purchase Journal - for purchases from suppliers on credit
Receipts Journal - for cash receipts from sales and debtors
Payments Journal - for cash payments to creditors and expenses
General Journal - for any debit and credit entry
Petty Cash Journal - for petty cash debits and credits
You may add any additional batch types or journals for your requirements.
Should you have more than 1 bank account, you need to create Payments and Receipts batches for each of the bank accounts.
- Groups - Reporting Groups for Accounts, Debtors and Creditors
- Financial Categories - Link your Account Groups to Financial Categories (Assets, Capital, Liabilities, Income and Expenses.
- Statements - If you have debtors, you may specify the message to be displayed on Statements. You may also set the paper type and the page setup for Dot-matrix printers.
- Internet (Optional) - Set the Internet to enable you to send reports via E-mail or Fax. This is optional for those users who have a valid e-mail address and an Internet Account with an Internet Service Provider (ISP).
- Access Control (Optional) - Create passwords for users and allocate functions to each user.
- Salespersons - Add the salespersons that will be creating Invoices, Credit Notes and Quotes.
- All the Documents start with IN000001 (Invoices), CR000001
(Credit Notes), QU000001 (Quotes), PU000001 (Purchases), GR000001
(Goods Returned) and OR000001 (Orders). You may change the number
to suit your own requirements.
You may check the Batches, Headings, Messages for each of these documents and set the defaults for the Page Setup.
- Stock information - Define your stock units, define up to 3 selling prices, and set your Cost of Sales Parameters.
Create and Edit Accounts:
- Edit Chart of Accounts - Print the Chart of Accounts and check that the standard Chart of Accounts meets your requirements. If not, add new accounts, or delete unwanted accounts.
- Edit Bank Accounts - Edit the name of your existing main Bank Account. If you have more than one Bank Account, you need to add Payments and Receipts Batches for each other Bank Account and then create the other bank accounts (remember to link each of the new Bank Accounts to its own Receipts and Payments Batch).
- Create Tax Accounts - The basic Tax accounts for VAT are already pre-set. Check that the accounts are correct for your requirements and add any VAT account (e.g. Capital goods) which you may require, if any. (Only if you are registered for VAT).
- Create Debtors Accounts - Create your Debtor Accounts - Contact information, Accounting Information, etc.
- Create Creditors Accounts - Create your Creditor Accounts - Contact information, Accounting Information, etc.
- Create stock items - Create your Stock Item Codes on the Edit - Stock Items.
Set the following Preferences:
- Backup Path - Select the default location (drive and/or folder in which you wish to create backup files).
- Printer - Select the default printer on which you wish to print the majority of your reports and statements.
- Fonts - Set the default fonts for your system.
- Data Entry - Set the debit / credit display mode, number of decimal defaults.
- Define Labels - Define labels for your debtors and creditors.
Take-on Opening Balances:
- Take-on opening balances - Take on your opening balances for your General Ledger Accounts from your Trial Balance and/or Financial Statements.
- Take-on opening stock items - Take on your opening balances for your Individual Stock Items from your Stock Records (closing balances from your previous accounting system).
Note: Before you start selling stock items, you need to do one or more of the following actions on the Input menu option:
- Take-on opening balances for stock items - If have an existing business, but only start using TurboCASH, you need to enter your Cost Price and Quantities at hand for each of your Stock Items as reflected in your previous accounting system's records. You will do this on the Input � Stock menu option (Adjustments - Take-on Stock).
- If you have insufficient Stock Items or new Stock Items which
you start selling OR if it is a new business and/or you are
starting to trade with Stock Items for the first time.
are satisfied that all the information and settings are completed,
you may start to process your daily transactions.