Enter / Edit - Repeating transactions

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To enter Repeating transactions:  

1.On the Action ribbon, select Edit → Repeating transactions.

The  Debit and Credit totals will not be displayed. These totals are only displayed if the Journal type selection screen is launched from the Action Journal entry (F2).

2.Select the General Jnl journal type and click on the Open button.

To indicate that you have selected a Repeating Journal or Journal, note the following:

***Repeating transactions*** is displayed after the name of the journal type.

No alias for the journal will be displayed in the screen heading (title bar).

3.Click on the F10:Setup icon to set your journal up.

4.Set up the Repeating transactions General journal for depreciation transactions as follows:

a)Contra account - Select the contra (balancing) account (e.g. Depreciation expense account).

b)Amount entry - Select Credit.

5.Click on the Advanced tab.

6.Select the “General ledger” option for the Account lookup type, since you do not need to select Customer or Vendor accounts when you enter transactions for depreciation.

7.Once setup; click on the OK button.

Tax

Since No Tax (VAT/GST/Sales Tax) is applicable, to the depreciation transactions in this topic, we have selected to hide the Tax column in the Setup Options.

8.You are now ready to capture your first repeating entry transaction.

a)Reference:                DE1603

b)Date:                        2016/03/31

c)Description:                Depreciation-Furniture and Fittings.

d)Account:                600/020 Furniture and Fittings - Accumulated Depreciation

e)Amount:                50.00 CR

9.Once finished, capture your second entry.

a)Reference:                DE1603

b)Date:                        2016/03/31

c)Description:                Depreciation-Motor Vehicles-Merc        

d)Account:                610/020 Motor Vehicles - Accumulated Depreciation

e)Amount:                75.00 CR

10.Once finished, capture your third transaction.

a)Reference:                DE1603

b)Date:                        2016/03/31

c)Description:                Depreciation-Motor Vehicles-Delivery Van

d)Account:                610/020 Motor Vehicles - Accumulated Depreciation

e)Amount:                25.00 CR

11.The Repeating transactions for General journal screen should now reflect as follows:

A Repeating Journal differs from a normal journal as follows:

Title bar - displays  *** Repeating transactions ***

F6:Post - Disabled since you cannot post repeating transactions.

Lines - Background color.  

12.Click on the F5:Balance icon to balance the journal. TurboCASH will generate a balancing entry to the Depreciation Contra account.

If the description is displayed as "BALANCING ENTRY General Jnl", and you have entered transactions with Tax, the Tax reports may not include these transactions correctly.

You need to deselect (remove the tick) of the Consolidate balancing field on the Standard tab of the F10:Setup (Options for this journal screen) and rebalance the journal.

13.Click on the F8:List icon to print a list of the transactions in the journal.

It is recommended that the source documents (e.g. working papers, calculations, etc.) be attached to this List of the transactions and that it be retained for record and audit purposes.

You may also click on the icon (Save the report as a metafile report), and save it as a PDF - compressed file for archiving purposes.

14.Press the Esc key to exit this repeating journal.

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