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Using TurboCASH

 







BANK ACCOUNTS
INTRODUCTION TO BANK ACCOUNTS
  
TurboCASH allows you to create up to 10 bank accounts. Each Bank account is a cash-book, which consists of a Receipts and Payments journal. Each of the Bank Accounts must have a unique Receipts and Payments batch in which you need to enter your receipts and payment transactions for deposits and payments made for that specific Bank Account.

If you open an additional Bank Account, you need to create a Receipts batch and a Payment batch for the new Bank Account and link the specific Receipts and Payments Batch to that Bank Account.

Each time you need to process transactions or view the details on reports, you would select the Bank Account (by number or description) in TurboCASH using the Accounts search facility. The Bank Account number and description will be included in most of the Accounts search facility screens when you need to select a Bank Account. The Bank Accounts search facility will only be displayed when you edit a Bank Account or generate a Cash Flow Report.

 

For each of your Bank Accounts you need to do bank reconciliation as at the end of a specific financial period, when you receive your bank statements. You need to select the Bank account from a drop-down list by description or the name of your bank account. This will assist you to determine if all your deposits and cheques are entered correctly and to see if all your bank charges, debit orders, interest paid or interest received from the bank are entered. The bank reconciliation will also reflect the deposits and cheques, which you have issued, but are not reflected on the bank statement. If you enter your receipts and payments in another batch type, which is not set as a receipts and payments journal, you will not be able to do bank reconciliation.

The Receipts Journal

This journal is linked together with the Payments Journal to form the cash-book. All deposits, along with the date of the deposit, the name of the depositor and the amount are recorded in this book. For debtors it would have the effect of debiting the bank account and crediting the debtor, after the debtor has been debited through the Sales Journal. You also need to enter bank interest received as reflected on the bank statement in this batch.

The Payments Journal

This journal is linked together with the Receipts Journal to form the other side of the cash-book. All payments made, along with the date, detail and amount are recorded here. Payments would have the effect of debiting the creditor or the expense, and crediting the bank. You also need to enter bank charges as reflected on the bank statement in this batch.