Accounting process in TurboCASH4
If you choose to work with one of the pre-created sets of books in TurboCASH4, most of the settings and defaults have already been set. Getting started entails little more than the entry of a few basic details and the selection of some basic options:
1.Create your Set of Books - TurboCASH4 allows you to create a Set of Books within minutes by copying an existing structure.
2.Set the System parameters and Defaults - TurboCASH4 will use these parameters and defaults to display and perform certain functions for you.
a)Company information - Enter your contact information and registration details and set the defaults for your Tax (if you are registered for VAT/GST/Sales tax.)
b)Reporting dates - Set the starting date for your financial year and the accounting periods for which you may generate financial reports.
c)Reporting account groups - Add or edit any reporting account groups for your Accounts to further classify the 5 Financial categories.
d)Financial categories - Link your Reporting Account groups (e.g. Income, Other Income, Expenses, Capital, Long-term Liabilities, Current Liabilities, Fixed Assets and Current Assets) to the 5 Financial categories (i.e. Income, Expenses, Capital, Assets and Liabilities).
e)Batch types - Add, edit or delete any batch types (journals) in which you wish to enter transactions.
f)Access control and Passwords (Optional) - Set passwords and access control for your users.
g)Internet Setup (Optional) - Configure your e-mail account to send reports, lists and documents over the Internet.
h)Documents setup (only for Documents and Point-of-Sale) - Set the Document numbers, messages and check the Batch types for your Documents (Invoices, Credit notes and Quotes for Customers or Debtors and Purchases, Supplier returns and Orders for Creditors or Suppliers).
i)Salespersons (only for Documents and Point-of-Sale) - Add any salespersons that may sell your stock.
j)Stock information (only applicable to if Documents and Point-of-Sale is used) - Define your selling prices and units of stock. You also need to set the Cost of sales settings for your Stock items.
k)Set preferences -
i)Backup – Select the drive/path/folder for your backup files.
ii)Printer – Set the default printer and paper sizes.
iii)Data – Set the defaults for both entry and display.
3.Customise your Chart of accounts - Your Set of Books will have a standard Chart of accounts, which should reflect all your accounts which is reported in the:
a)Balance sheet (i.e. Capital, Retained earnings / Retained income, Liabilities and Assets accounts);
b)Income statement (i.e. Income Expense accounts).
4.Create debtors (customers / clients)
5.Create creditors (suppliers / vendors)
6.Create Stock items - Create your Stock items if you trade in Stock items.
7.Enter Opening balances for your accounts and trading stock items, if you trade in stock.
8.Start processing your daily transactions.
9.Generate Reports to evaluate your activities.