Batch Setup

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Because of the double-entry accounting concept each debit transaction requires an equal credit transaction and vice-versa. The following are 3 options available for creating this contra transaction:

1.You can enter the equal but opposite transaction (CONTRA ACCOUNT) yourself.

2.You can set up the whole batch to have one CONTRA ACCOUNT.

3.You can set up each transaction to have a CONTRA ACCOUNT.

If you set up a contra account for the entire batch, when you balance the batch, TurboCASH will generate the transaction to the contra account for the total amount of all the transactions. For example in the SALES JOURNAL you would set up the contra account to be the SALES account and enter all the DEBIT transactions for the various debtors. When you balance the batch, TurboCASH generates a CREDIT transaction to the sales account.

If you set up the contra account per line, each time you select an account, you to also select a contra account. In this way you can select a different contra account for each transaction. When you balance the batch, TurboCASH will generate all the transactions to all the contra accounts. In the case of the Payments and Receipts Journal, the contra account is always the Bank Account and cannot be changed.

TurboCASH also allows you to set the following advanced options for each batch or journal to make the entering and processing of transactions easier, faster and more accurate:

1.Always Balance - Automatically balance the transactions in the batch or journal

2.No Tax - Hide the Tax column in the batch or journal entry screen as well as the Tax Account Search or Lookup Facility. This option should only be used if no VAT/GST/Sales Tax is applicable to all transactions entered in the batch or journal or if the user is not registered as a VAT/GST/Sales Tax Vendor.

3.Not Open Item Batch - Disables the Open Item Selection and Open Item confirmation messages

4.Remember Tax on Contra Account - Save the settings for tax on the Contra Account.

5.Remember Contra on Account - Save the settings for the Contra Account (Balancing Entry) on the selected Account.

6.Account code lookup type - Select to filter list of accounts to be displayed in the lookup facility:

a)All - select to display all accounts (i.e. General Ledger, Debtors, Creditors and Special Ledgers).

b)General Ledger - select to display all General Ledger Accounts (excluding Debtors, Creditor and Special Ledgers). Examples would be if only need to enter and process transactions which does not apply to Debtors or Creditor Accounts, e.g. Depreciation or adjustments to General Ledger Accounts in the General Journal. Other examples would be cash purchases in the Payments Journal or Petty Cash Payments Journal which need to be allocated to the Expense and Asset Accounts).

c)Debtors - select to display only Debtor Accounts (excluding General Ledger, Creditors and Special Ledgers). An example would be if only sales invoices are batched and entered into the Sales Journal for which you only need to select the Debtor Accounts. Another example would be if you only batch or group deposits (receipts) for payments received from Debtors.

d)Creditors - select to display all Creditor Accounts (excluding General Ledger, Debtors, and Special Ledgers). An example would be if only purchase invoices (received from creditors) are batched and entered into the Purchase Journal for which you only need to select the Creditor Accounts. Another example would be if you only batch or group a payments (cheque counterfoils or payment remittance advises) for payments made to Creditors.

e)Special Ledgers - select to display all Special Ledger Accounts (i.e. General Ledger, Debtors and Creditors).

7.Contra Account code lookup type - Select to filter list of accounts to be displayed in the lookup facility for Contra Accounts or Balancing Transaction Accounts:

a)All - select to display all accounts (i.e. General Ledger, Debtors, Creditors and Special Ledgers).

b)General Ledger - select to display all General Ledger Accounts (excluding Debtors, Creditor and Special Ledgers).

c)Debtors - select to display only Debtor Accounts (excluding General Ledger, Creditors and Special Ledgers).

d)Creditors - select to display all Creditor Accounts (excluding General Ledger, Debtors, and Special Ledgers).

e)Special Ledgers - select to display all Special Ledger Accounts (i.e. General Ledger, Debtors and Creditors).

Once the batch is in balance, it is POSTED to the ledger. This will update the entire general ledger accounts (chart of accounts) which you have set up.

Remember that it is easy to correct a transaction while it is still in the batch, but once it is posted, you will have to post an opposite transaction to correct it. For this reason it is a good idea to complete all your transactions and do your bank reconciliation BEFORE posting your payments and receipt batches (Note that, if you are working on a network version of TurboCASH, you cannot reconcile unposted items created on the “client machines”).

It is also a good idea to make a BACKUP before posting, in case there are any incorrect allocations in the batch. If there are, it is easy to simply restore your data from your backup and correct the allocations before updating the transactions to the ledger again.

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