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, TurboCASH4 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, TurboCASH4 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, TurboCASH4 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.

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 TurboCASH4, 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.

TurboCASH4 also allows you to set and configure the "Options for this batch" in two tabs (i.e. Standard and Advanced tabs).