Accounting process in TurboCASH
If you choose to work with one of the pre-created sets of books in TurboCASH, most of the settings and defaults have already been set. Getting started entails little more than the entry of a few basic details and the selection of some basic options:
- Create your Set of Books - TurboCASH allows you to create a Set of Books within minutes by copying an existing structure.
- Settings and defaults - TurboCASH will use these parameters and defaults to display and perform certain functions for you.
- Company info - Enter your contact information and registration details and set the defaults for your Tax (if you are registered for Tax (VAT/GST/Sales tax).)
- Reporting dates - Set the starting date for your financial year and the accounting periods for which you may generate financial reports.
- Reporting groups - Add or edit any reporting account groups for your Accounts to further classify the 5 Financial categories. You may also add up to two (2) reporting groups for your Debtor (customer / client) accounts, Creditor (supplier / vendor) accounts, Stock items (products), Documents, Salespersons.
- Financial categories - Link your Reporting account groups (e.g. Income, Other income, Expenses, Capital, Long-term liabilities, Current liabilities, Fixed assets and Current assets) to the 5 Financial categories (i.e. Income, Expenses, Capital, Assets and Liabilities).
- Batch types - Add, edit or delete any batch types (journals) in which you wish to enter transactions.
- Access control and passwords (Optional) - Set passwords and access control for your users.
- Internet (Optional) - Configure your e-mail account to send reports, lists and documents over the Internet.
- Documents setup - Set the Document numbers, messages and check the Batch types for your sales documents (Invoices, Credit notes and Quotes for debtors (customers / clients) and purchase documents (Purchases, Supplier returns and Orders for creditors (suppliers / vendors).
You may also add a standard message (on the Statement setup tab) to print on all statements you wish to send to your debtors (customers / clients).
- Salespersons - Add any salespersons that may sell your stock or products.
- Stock information - Define your selling prices and units of stock. You also need to set the Cost of sales settings for your Stock items.
- Set preferences -
- Backup path – Select the drive / path/ folder for your backup files.
- Printer – Set the default printer and paper sizes.
- Data parameters – Set the defaults for both entry and display.
- Customise your Chart of accounts - Your Set of Books will have a standard Chart of accounts, which should reflect all your accounts.
- Add Debtor (customer / client) accounts.
- Add Creditor (supplier / vendor) accounts.
- Add Stock items (Inventory items / products) - Add your stock items if you trade in products.
- Enter Opening Balances for your accounts and trading stock items, if you trade in stock, if you have any.
- Start processing your daily transactions in batches (journals) and or documents.
- Print reports to evaluate your activities.