TurboCASH General Ledger

Every business needs it

 

Overview

What is a general ledger and why does every business need one.

If you already have a business, are starting a business or thinking of starting one then you need TurboCASH Accounting. TurboCASH is a general ledger and every business needs a general ledger. Think of TurboCASH as your Captain's Logbook. Without it, you don't know where you have been, where you are, or where you are going.

Accounting is the language of business and a general ledger is at the core of accounting. TurboCASH can work as a stand-alone general ledger or in conjunction with banking software, e-commerce software, point of sales, payroll software, project management or any specialized billing website. We will help you gather and enter your data and then produce reports for all your business partners, shareholders, customers, suppliers, financial service providers.



TurboCASH has cool features that make our batch driven double-entry general ledger package unique. Open source license allows you the freedom to develop and extend; our multi-language translation lets you use TurboCASH in any tax regime in multiple languages at the same time, even if that language is church speak or insurance terminology. TurboCASH has a reverse facility that makes it far more like using a spreadsheet than using a traditional accounting package.

Financial people like bank managers, shareholders, auditors, the Receiver all use the same language to talk about financial concepts. Financial people become arrogant and dismissive when they see that you don't grasp these concepts, for they understand that a fool and his capital are soon parted. If you are unable to talk their talk they will immediately assume that you are incompetent in the business of making profit. Running an up to date general ledger I the best way of showing everyone that you know what you are doing.

In the 21st century we are fast approaching the paperless office. General ledgers are no longer kept on paper, but are stored in electronic databases, accessible locally and remotely. Accounting Made Easy teaches you to use computer software. Favour open source, follow the conventions and you will find any mainstream financial accounting systems easier to use.



As a general Ledger TurboCASH accommodates both GAAP (Generally Accepted Accounting Practice) and IFRS (International Financial Reporting Standards) which gives you about 90% of the worlds accounting. Using concepts like Double Entry, Balanced Batches and Electronic Interchange, we combine with real world applications like TurboCASH, the leading open source accounting software for Small Business in 80 countries.



Every business needs an Accountant. In a one man business that is you. In a two man business you have a 50% chance of being the accountant and if it is you, you going to need a language to communicate accounting information with the other 50%. That is just the beginning. As companies become bigger they become even more dependent on accounting information. In fact the only real difference between companies that succeed and those that don't, is the quality of their accounting software systems,

 

 

 

Workings

 

How does a General Ledger work?

 

Double Entry

Think of a set of books containing a chart of accounts as similar to a cabinet of files. Into this cabinet we post transactions. Each transaction has a debit and a credit. By always posting both sides of the transaction we ensure that the books aways stay in balance. This process of always including debits and credits is known as double entry. Internally TurboCASH keep debts as positive numbers and credits as negative numbers. They will give the apparent paradox where sales are reflected as a negative number or a credit.

Batches, Journals, Cash Books



Batches are groups of transactions that together balance in every period defined. While transactions are entered into the journals or cashbooks, TurboCASH is flexible to editing. Once finalised these bathces are posted to the general ledger, where they are no longer editable. A unique feature of TurboCASH is that these batches can be unposted, re-edited and posted again.

A unique feature of TurboCASH is that a batch can be reversed, re-edited and reposted.

The accounting equation

In the accounting equation,

assets = equity + liabilities


Before each batch is posted into the general ledger, the accounting equation is in balance. After every batch is posted the accounting equation remains in balance. If a batch is reversed the accounting equation remains in balance.

TurboCASH is developed to work comfortably with Spreadsheets. This makes importing data for other systems much easier than physically recapturing it.