BOOKKEEPING : CHART OF ACCOUNTS SETUP
Service entities

The Service Entity only sell services to its Customers or Debtors and does not trade in Stock Items. This option is used when you have pre-printed source documents for your transactions, such as Invoices, etc. 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).
• 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.
• Batch 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.

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.

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:

This step is not applicable if you do not have any accounting records for the business and you only start processing the first transactions of your business in TurboCASH.

Take on your opening balances for your General Ledger Accounts from your Trial Balance and/or Financial Statements.

Once you are satisfied that all the information and settings are completed, you may start to process your daily transactions.