Get the most of TurboCASH Batches
Use the Handyman example data that comes installed in TurboCASH
Thats a bit of a mouthful. What does it mean?
A general ledger is a log book. Like a ship captains log. It tells us where we have been. Its a bit more complicated than that because it gets written up in a complicated language. If you are not familiar with these terms hang in, because EVERY business neeeds a general ledger, and if you already have a general ledger, chances are you still need TurboCASH!
Now you may be thinking "I can get around this I don't need to learn a new system in my already crowded life." You will be mistaken, it not called a "Captains" log for nothing. Unless a CEO has a full grasp of the ledger and the information it provides, a business is rudderless, has not feedback and will likelyy plough into the firss rocks that cross its path. Sure you can win a lottery and never have to use a genral ledger, but for the other 99% of us a general ledger is a vital part of business.
A double entry system follows the convention started over five hundred years ago by the Italian Renaisance merchants. Every transaction is loaded as a debit and a credit. These debits adn credits must must be in balance, This simple convention makes it much more difficult to loose a transaction and makes it much easier to find one if you are looking for it.
A batch system is one in which transactions are entered in batches. This is equivanet to the terminology of sub ledgers. It can be quite a job dealing with large sets of transactions. But by breaking them up into batches, they become much more manageable. Typically batches will consist of 50 transactions or less, and each batch must balance. If each batch balances, then the whole ledger balances.
In the real world it really is easy to make typo errors and transcription errors. The batch system offers us the opportuntity to review and correct or even delete transactions. We can make these changes quite liberally until the moment we want to post the transcactions to to ledger. At this point TurboCASH will make some validation check on the batches namely :
Date checking to make sure that all dates entered are part of the valid year or last year period;
Check that transactions must balance for each period as well as the whole batch must be in balance;
Check that all transactions are going to valid accounts;
TurboCASH has some built in intelligence to check your transactions don't violate accounting rules, like simply posting from one bank account to another, which will knock your bank reconciliation out of balance.
The TurboCASH batch system can really help you to get things done. Batch entry allows you to import a previously posted batch. In most businesses each month repeats certain transactions, like you pay rent every moth or you pay the same payroll of employees every month. TurboCASH allows you to import a previously posted batch. You can then make a few changes to the dates and correct any numbers that require change and simply post with the new numbers.
The ability to post and unpost batches is a feature of TurboCASH. It can happen that even after you have checked a batch, validated it an posted it, that you realise that you have made errors. Traditional practice is that you need to reverse the posted batch with alternate transactions. Do this a few times and you end up with spagettigate in your ledger.
With TurboCASH you can UNPOST a given batch and redo it. Now this may raise the eybrows of old world accountants who learend abuto immutable transations. The idea being that one batch is posted it should never be un done – to prevent fraud. But think about it, if you did want to cheat your accounts, you could simply have to go back to a back up and reenter the new fraudulent batch.
TurbCASH offers a number of ways for you to double down on security:
You can Turnoff the ability to unpost batches for a user;
You can follow a log of batch postings, by time and by user;
You can implement our blockchain plugin that will make transctions imutable.
If you are a single user, then POSTING and UNPOSTING batches is just going to make life a whole lot easier for you.
Since TurboCASH 5-2 we have now introduced a spreadsheet component to make it a lot easier to deal with incoming batches. Work with them in a spreadsheet format and when you are ready import them into TurboCASH for posting.