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Using TurboCASH

 







NEW TO ACCOUNTING
CHARTS OF ACCOUNTS IN TurboCASH
  
TurboCASH has created Sets of Books or templates, which you may use as a template when you create your own Set of Books. These Sets of Books are installed on your system when you have installed TurboCASH. All the necessary settings are already pre-set for your convenience.

In TurboCASH the chart of accounts that is created or selected and may be customised to suit your specific needs and should reflect the business activities of your business. All accounts in your chart of accounts must either linked to a Balance Sheet or Income Statement category.

It may be a good idea to print the Chart of Accounts and to check that the Chart of Accounts caters for all the accounts (Income, Expenses, Assets, Capital and Liabilities) for your business or organisation. You may create, edit or delete general ledger accounts on the chart of accounts to cater for your specific requirements

 

The Chart of Accounts for the ExampleSA Set of Books is listed below and is split into the two parts i.e. Income Statement Accounts and Balance Sheet Accounts, for your convenience:
  1. Income / Expense Accounts on the Chart of Accounts The first part reflects the Income / Expense type of accounts, which is reported on the Income Statement:

    NETT PROFIT / NET LOSS = INCOME - EXPENSE ACCOUNTS

    Income Statement Financial Categories - (Income and Expenses):


    Account

    Description

    Account Group1

    Type

    G010

    Sales

    INCOME

    Inc / Exp

    G050

    Other Sales

    INCOME

    Inc / Exp

    G060

    Bad Debts Recovered

    OTHER INCOME

    Inc / Exp

    G065

    Cash Discount Received

    OTHER INCOME

    Inc / Exp

    G070

    Interest Received

    OTHER INCOME

    Inc / Exp

    G075

    Profit/Loss- Sale of Fixed Assets

    OTHER INCOME

    Inc / Exp

    G080

    Sundry Income

    OTHER INCOME

    Inc / Exp

    G100

    Cost of Sales

    COST OF SALES

    Inc / Exp

    G180

    Delivery Charges

    EXPENSES

    Inc / Exp

    G200

    Accountancy Fees

    EXPENSES

    Inc / Exp

    G205

    Advertising

    EXPENSES

    Inc / Exp

    G210

    Audit Fees

    EXPENSES

    Inc / Exp

    G215

    Bank Charges

    EXPENSES

    Inc / Exp

    G220

    Cleaning

    EXPENSES

    Inc / Exp

    G225

    Commissions Paid

    EXPENSES

    Inc / Exp

    G230

    Consultancy Fees

    EXPENSES

    Inc / Exp

    G235

    Depreciation

    EXPENSES

    Inc / Exp

    G240

    Entertainment

    EXPENSES

    Inc / Exp

    G245

    Finance Charges

    EXPENSES

    Inc / Exp

    G250

    Gifts and Donations

    EXPENSES

    Inc / Exp

    G254

    Insurance

    EXPENSES

    Inc / Exp

    G255

    Interest Paid

    EXPENSES

    Inc / Exp

    G260

    Legal Fees

    EXPENSES

    Inc / Exp

    G262

    Lights and Water

    EXPENSES

    Inc / Exp

    G265

    Medical Expenses

    EXPENSES

    Inc / Exp

    G270

    Motor Vehicle Expenses

    EXPENSES

    Inc / Exp

    G270001

    Fuel

    EXPENSES

    Inc / Exp

    G270002

    Motor Repairs

    EXPENSES

    Inc / Exp

    G270003

    Motor Costs Other

    EXPENSES

    Inc / Exp

    G275

    Printing Postage and Stationery

    EXPENSES

    Inc / Exp

    G280

    Repairs and Maintenance

    EXPENSES

    Inc / Exp

    G285

    Rent Paid

    EXPENSES

    Inc / Exp

    G290

    Salaries - Directors

    EXPENSES

    Inc / Exp

    G300

    Salaries - Staff

    EXPENSES

    Inc / Exp

    G305

    Salaries/Wages- Employers Contrib.

    EXPENSES

    Inc / Exp

    G310

    Subscriptions

    EXPENSES

    Inc / Exp

    G315

    Telephone and Fax

    EXPENSES

    Inc / Exp

    G320

    Travelling Expenses

    EXPENSES

    Inc / Exp

    G330

    Wages

    EXPENSES

    Inc / Exp


  2. Balance Sheet Accounts on the Chart of Accounts
  3. The second part reflects the Balance Sheet (Assets, Capital and Liabilities) type of accounts, which is reported on the Balance Sheet:

    CAPITAL = ASSETS - LIABILITIES

    Balance Sheet Accounts - Financial Categories (Capital, Liabilities and Assets):


    Account

    Description

    Account Group1

    Type

    G505

    SHARE CAPITAL

    CAPITAL

    G510

    RETAINED INCOME

    CAPITAL

    Retained Income

    G550

    Long Term Loans

    LONG TERM LIABILITIES

    G560

    Instalment Sale - Creditors

    LONG TERM LIABILITIES

    G600

    FURNITURE AND FITTINGS

    FIXED ASSETS

    G600010

    Furniture and Fittings at Cost

    FIXED ASSETS

    G600020

    Furniture/Fittings Accum Deprec

    FIXED ASSETS

    G620

    OFFICE EQUIPMENT

    FIXED ASSETS

    G620010

    Office Equipment at Cost

    FIXED ASSETS

    G620020

    Office Equipment Accum Depreciation

    FIXED ASSETS

    G640

    MOTOR VEHICLES

    FIXED ASSETS

    G640010

    Motor Vehicles at Cost

    FIXED ASSETS

    G640020

    Motor Vehicles Accum Depreciation

    FIXED ASSETS

    G700

    DEBTORS CONTROL ACCOUNT

    CURRENT ASSETS

    Debtors Control

    G730

    DEPOSITS PAID

    CURRENT ASSETS

    G750

    STOCK CONTROL ACCOUNT

    CURRENT ASSETS

    B810

    CURRENT BANK ACCOUNT

    CURRENT ASSETS

    Bank Account

    B820

    PETTY CASH

    CURRENT ASSETS

    Bank Account

    B840

    CREDIT CARD

    CURRENT LIABILITY

    Bank Account

    G900

    CREDITORS CONTROL ACCOUNT

    CURRENT LIABILITY

    Creditors Control

    G920

    SALARIES CONTROL

    CURRENT LIABILITY

    G920001

    Salaries

    CURRENT LIABILITY

    G920002

    UIF Payable

    CURRENT LIABILITY

    G920003

    PAYE Payable

    CURRENT LIABILITY

    G920004

    Skills Development Levy

    CURRENT LIABILITY

    G950

    VAT CONTROL ACCOUNT

    CURRENT LIABILITY

    T950001

    Output (Sales) VAT 14%

    CURRENT LIABILITY

    Tax Account

    T950002

    Input VAT (Exp) - 14%

    CURRENT LIABILITY

    Tax Account

    T950003

    Zero Rated VAT - 0%

    CURRENT LIABILITY

    Tax Account

    G950100

    VAT PAYMENT ACCOUNT

    CURRENT LIABILITY

    G999

    SUSPENSE ACCOUNT

    CURRENT LIABILITY


    A chart of accounts may be customised to suit your specific needs. You may change descriptions, add new accounts and sub-accounts. TurboCASH allows you to create up to 999 main accounts. For each of these main accounts you may also create up to 999 sub-accounts.