TurboCASH Tip

It is recommended that the Ledger analyser and Ledger analyser 2 are used to print and view the Trial balance, Income statement, Balance sheet, Budgets, Budget vs actual, This year vs last year reports.    

Bug - Budgets

1.Tools → Old Reports → General ledger →Trial balance  - Budget figures does not print.

2.Tools → Old Reports → General ledger →Income statement  - Budget figures does not print.

3.Tools → Old Reports → User Report - Budget figures does not print.

4.Tools → Old Reports → General ledger → Budget Performance - Budget figures for the year includes an extra month's budget figure. For example, it the total budget figure is entered as 120000 (10000 x12), the total is displayed as 130000 (13 periods) instead of 120000 (12 periods). The budget report on the T-Account viewer is displayed correctly.

Bug - Debit / Credit Indicators

Credit amounts are incorrectly displayed with Debit indicators.

Debit amounts are incorrectly displayed with Credit indicators. This is displayed incorrectly only on the Tools → Old Reports → General ledger →Income statement .   

The Income statement will list all the balances of your accounts which are created as an Income / Expense type in the Edit → Accounts menu, and will reflect your net profit or loss for a specific period. The Income statement has two main sections (financial categories), i.e. Income and Expenses. When the Income exceeds the Expenses, the report will reflect the net profit. If the Expenses exceed the Income, the report will reflect a net loss. 

The Income statement is used to manage and report on your businesses' income and expenses. TurboCASH4 allows you to compare the actual figures in the Income statement with one of the following comparative figures: 

Last year's actual figures, if available. The financial performance of the actual figures may be compared to last year' actual figures for the selected periods. 

Budget figures, if entered in the Edit → Accounts menu. If the budgeted figures are entered correctly, you may compare the actual income received and expenses paid to the budgeted figures, to determine whether your income is on track, or where you are over spending or under spending. 

Print Income statements 

To print an Income statement: 

1.Click on the Tools  → Old Reports → General ledger → Inccome Statement menu. 

Ctrl + I

The Income statement Options screen is displayed: 

2.Send report to - Select the output method (screen, printer, file, e-mail or fax).

3.Select the following options:

a)Sequence - You may select the selected accounts to be listed or displayed according to Account Group 1 or 2 (Reporting group 1 or 2). 

The description of Account group 1 or 2 you have entered on the "Reporting group name" field on the Account groups tab on the Setup → System parameters → Groups menu, may be reflected in this list. 

b)Show Sub-accounts - Select this field to view the balances of your sub-accounts. If this field is left blank no sub-accounts will be displayed and a summary of the net values for the main account will be displayed.

c)From ... To - Select the start and end periods from which and until when you wish to include the balances.

d)Show Decimal - Leave blank to view the amounts rounded off to the nearest currency (e.g. Rands, Pounds, Dollars etc.).

e)Include Zero Balances - If this field is selected, all accounts listed in your chart of accounts will be displayed and balances will only be displayed for those accounts with transactions. If this field is left blank, all selected accounts with transactions and balances will be displayed.

f)Show Last Year - If this field is selected last year's actual figures will be displayed and compared to this year's figures. If you do not wish to see last year's figures, or you have no figures for last year on the system, you may leave this field blank.

g)Show Budget - If this field is selected last year's actual figures will be displayed and compared to the budget figures. If you do not wish to see budget figures, or you have not entered budget figures on the system, you may leave this field blank.

h)Show Variance - If this field is selected, the difference between this year and last year's balances will be displayed. If you do not wish to see the variance, leave this field blank.

4.Click on the OK button. 

Include opening balances 

1.TurboCASH4 will ask you to confirm whether you would like to include opening balances.

2.Click on the Yes button to include Opening balances from the previous financial period or financial year. If you click on the No button, the Income statement will list the value of your debit and credit transactions for the selected period.

If the Income statement does not display correctly or in the required sequence: 

1.Click on the Setup → System parameters → Groups menu. The Groups (Account Group 1) screen will be displayed. 

2.Check that all your Account groups are added. Select the group from the list and click on the Move up and / or Move down buttons to set the sequence of your groups. 

3.Repeat for Account Group 2, if necessary. 

4.Click on the OK button to save and close the Groups screen. 

5.Click on the Setup → System parameters → Financial categories  menu and check that all groups are correctly linked to the Assets, Capital and Liabilities Financial categories.  

6.Close or exit the Financial categories screen and generate the Income statement.

View Income statement 

The following is an example of an Income statement generated for the current financial year (This Year) with Budget figures as comparative figures: 

The Income statement will first list the Income accounts which are linked to the Income Financial Category, and then the Expense Accounts which are linked to the Expenses Financial Category in the Setup → System parameters → Financial categories menu. 

You may also select to print the Expenses before Income on the Financial categories screen. 

The information on the Income statement is displayed in four (4) columns as follows: 

1.Account number and Description - The Income account numbers and the name of the accounts will be listed and a total for the Income accounts. The Expense account numbers and the name of the accounts will be listed and a total for the Expense Accounts. 

2.This Year - The Income account balances will usually be listed as Credit balances and the Expense account will usually be listed as Debit balances. These account balances include the transactions in posted batches and journals and updated documents only. 

3.Budget - These figures will only be listed for those accounts for which budget figures have been entered in the Edit → Budgets menu. If the Show Last Year option is selected, the heading will reflect Last Year, and the transaction figures for the Previous financial year will be displayed. 

4.Variance - This is the amount of This Years figure, less the Amount of the Budget figure, or Last Year depending if you have selected to view the Budget or Last Year figures as comparative figures. 

At the bottom of each This Year, Budget and Last Year the Net Profit figure will be displayed. This figure is displayed if the Income Account balances are more than the Expense Account balances. Should the Expense Account balances exceed the Income Account balances the Net Profit description will be displayed as Net Loss. 

If you have selected Last Year - The Income and Expense account balances will only be listed, if the financial year is closed in the Tools → Global processes → Do year end menu, or if any transactions in batches and / or documents have been posted to Last Year. This will allow you to compare This Year's actual income and expense figures with that of the same accounting periods in the previous (Last Year) figures.