Open item link

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TurboCASH allows two basic methods of age processing of Customer and Vendor transactions. These age type processing methods are:

Balance brought forward -

oCustomer (customer) accounts - The credit transactions (payments received, customer allowances, credit notes or any other credit transaction) are allocated to the oldest outstanding debit transaction (opening balances, invoices, etc.) amount.

oVendor accounts - The debit transactions (payments made to vendors, vendor allowances or supplier returns documents or any other debit transaction) are allocated to the oldest outstanding credit transaction (opening balances, purchases, etc.) amount.

Open item -

oCustomer (customer) accounts - Open item is by default not activated. To activate Open item processing for a customer account, select (tick) the “Open item” field on the Accounting information tab of a selected customer account.  

The credit transactions (payments received, customer allowances, credit notes or any other credit transaction) may be linked to any selected outstanding debit transaction (opening balances, invoices, etc.) amount.

oVendor accounts - Open item is by default not activated. To activate Open item processing for a  vendor account, select (tick) the “Open item” field on the Accounting information tab of a selected vendor account.  

The debit transactions (payments made to vendors, vendor allowances or supplier return documents or any other debit transaction) may be linked to any selected outstanding credit transaction (opening balances, purchases, etc.) amount.

oGeneral ledger accounts - Accounts (Action ribbon) Open item account field – Default is No. You may set it to Yes.

The Open item account option is not available for the Retained earnings / income,  Customer's control and Vendor's control accounts.

You may link debit transactions to credit transactions or credit transactions to debit transactions.

Open item linking relates debit transactions posted to an account to credit transactions which are posted to the same account.

TurboCASH stores two amounts for transactions to open-item accounts; the amount of the transaction as well as an "outstanding amount".

When you process the receipts journal and enter the amount for an Open item customer, the “Open item selection” screen will be displayed, where you may select to link a receipt to a specific transaction or outstanding amount.

When you process the payments journal, and enter the amount for an Open item vendor account, the “Open item selection” screen will be displayed, where you may select to link a payment to a specific transaction or outstanding amount.

You may also edit or unlink the existing links, or even convert a specific account to the “Balance brought forward” method, where any payment or receipt will be set off against the oldest outstanding amount.


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