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Using TurboCASH

 







GENERAL LEDGER ACCOUNTS
CREATE OR EDIT GENERAL LEDGER ACCOUNTS
  
You will be using this option whenever you wish to create a new General Ledger Account, change the descriptions of an existing account, or to delete an existing account. Each of these General Ledger Accounts are either an Income or Expense (Income Statement account) or an Assets and Liabilities (Balance Sheet account). If you have converted a Set of Books from a previous version of TurboCASH or Pastel version 5.2, your Chart of Accounts will be automatically converted.

If you have created a new Set of Books and you have selected one of the existing templates installed from the TurboCASH. Seven installation CD or if you have downloaded a Set of Books (template) from Pink Software's Web Site, you will already have a basic Chart of Accounts which you can use. It is recommended that you print the Chart of Accounts on the Reports - General Ledger - Chart of Accounts menu option, and to check that all the required accounts are available for your requirements. You need to identify the additional Accounts, you wish to add or even to create Sub-accounts for specific Accounts. You may also need to change the descriptions for some Accounts and may even wish to delete some Accounts, which you will to use at all.

When planning your chart of accounts (decide, which Accounts to add or to change and delete), you must bear in mind that the Chart of Accounts should reflect all your business activities, on which you may require reports to manage your business activities. The Chart of Accounts will reflect in your Financial Statements (Income Statement and the Balance Sheet).
  • Income Statement - A list of all the Income and Expense Accounts

     

  • Balance Sheet - A list of all the Proprietary Accounts (Capital, Drawings and Retained Earnings), Liabilities (Long-term Liabilities and Current Liabilities), Assets (Fixed Assets and Current Assets).
To create a new General Ledger Account:
Click on the Edit - Accounts - General Ledger menu option or press the and and and keys on your keyboard. The Accounts search facility screen listing your available Accounts as well as the General Ledger Accounts screen will be displayed.

Title bar. Click to close or exit this screen. Click to create a new General Ledger Account. Click to clear the Account Number field to enter a new Account Number. Click to create a new Sub-account for a selected General Ledger Account. Click to select a General Ledger Account. Click to delete a selected General Ledger Account. Click to save the entered data. Enter or select an Account Number. Enter or select a Sub-Account Number. Enter a name or description for the account. Select an available Account Reporting Group from the list. Select this field if it is an Income / Expense Account. If left blank, it will be a Balance Sheet Account. Click to save the changes. Click to close or exit this screen.
Press the button or click on the Close button to close or exit the Accounts search facility screen. Enter a three-digit Account Number between the ranges 001 and 999. The following Confirmation screen will be displayed:


Click on the button to create the Account.
Enter a name for the Account in the Description field.
Select an Account Group 1 or 2 from any of the available Account Reporting Groups, created on the Setup - System Parameters - Groups (Accounts tab) menu option. These Account Groups must be correctly linked to the Financial Categories in the Setup - System Parameters - Financial Categories menu option.
Select whether it is an Income / Expense Account or a Balance Sheet Account. If it is a Balance Sheet Account, do not select the Income / Expense field.
Click on the button. The Accounts search facility screen will be displayed. Press the button on your keyboard or click on the Close button to close or exit the Accounts search facility screen. You may enter another Account number to create a new Account or you may press the button again to exit or close the General Ledger Accounts screen.

You may also create Sub-accounts for any of the General Ledger Accounts.

The following Accounts, should be created in their respective menu options:

  • Bank Accounts -Bank accounts should be linked to a Receipts and Payment Journal batch type.

  • Tax Accounts - Accounts containing the Tax percentages and dates for which those tax percentages are effective.

  • Edit - Accounts - Creditor - Creditor accounts in the Creditors Ledger, containing the details of the creditors, remittance advice messages and terms.

  • Edit - Accounts - Debtor - Debtor accounts in the Debtors Ledger containing the details of the debtors, statement messages and terms.