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Using TurboCASH

 







GENERATE MULTIPLE ENTRIES
INTEREST ON OVERDUE DEBTOR ACCOUNTS
  
TurboCASH provides this useful feature to generate transactions for those debtor accounts, which are overdue and have a percentage monthly interest entered in the Edit - Accounts - Debtor (Accounting Information tab) menu option. If this option is initiated, TurboCASH will calculate the Interest and generate the transactions. Once the batch has been posted, the debtors accounts will be increased (debited) and the selected contra account (e.g. interest received -income account) will also be increased (credited).

To Generate Multiple Entries for Interest on Overdue Debtor Accounts:
Click on the speed button or icon. You may also press the key on your keyboard. Alternatively you may press the and and keys on your keyboard. The Batch Type screen will be displayed.
Select the Batch Type (except Payment and Receipt Batches, which is linked to Bank Accounts) and click on the button. The batch entry screen for the selected Batch Type will be displayed.

Minimise button - inactive. Restore button - click to display this screen to full size and click again to restore it to its original size. Title bar - double-click to display the screen in full size or to return to the normal size. Title bar. The name of the selected batch. Title bar. The Alias for the selected batch. Close button - Click to close or exit this screen. Click to delete a selected transaction. Click to insert a row or line above a selected transaction. Click to balance the batch, if the batch is not already in balance. Click to post or update the transactions to the ledger, if the batch is in balance. Click to enter transactions Inclusive or Exclusive of VAT. Click to list the entries or transactions entered into the batch. Click to access more processing options for the batch. Click to set the Options for this batch.
Click on the speed button or icon or press the key on your keyboard. The Process the batch options screen will be displayed.
Select the Generate Multiple Entries option and click on the button. The Generate Multiple Entries screen will be displayed. Select the interest on overdue debtors option and the screen will change to reflect the options for this option.

 

Title bar. Close button - click to close or exit this screen. Select to generate transactions for those Debtor accounts with balances less than the specified amount. Select to generate transactions for those Debtor accounts with a Charge amount. Select to generate transactions for those Creditor accounts with a Charge amount. Select to generate transactions for a specified amount to selected Debtor accounts. Select to calculate interest on overdue Debtor accounts and to generate transactions. Enter or select the date for the transaction. Select the Contra account on the Accounts search facility. Enter the number of days the debtor account is arrears or overdue. Click to generate the transactions. Click to cancel and to close or exit this screen.
Select and enter the following:

Option Description
Date for Transactions Enter or select the date for which the transactions should be generated.
Contra Account Select the account to be credited with the generated transactions. This account should be an Income or Interest Received account.
Number of days overdue Enter the number of days the account is overdue. Note it is important that the correct number of days be entered here. TurboCASH will use this to calculate the Interest amount.

Click on the button. The Generate Multiple Entries screen will automatically be closed and TurboCASH will calculate the Interest and transfer the calculated interest transactions for the Debtors which have a monthly interest percentage entered in the Edit - Accounts - Debtor (Accounting Information tab) menu option. The transactions will be imported into the selected batch.

Minimise button - inactive. Restore button - click to display this screen to full size and click again to restore it to its original size. Title bar - double-click to display the screen in full size or to return to the normal size. Title bar. The name of the selected batch. Title bar. The Alias for the selected batch. Close button - Click to close or exit this screen. Click to delete a selected transaction. Click to insert a row or line above a selected transaction. Click to balance the batch, if the batch is not already in balance. Click to post or update the transactions to the ledger, if the batch is in balance. Click to enter transactions Inclusive or Exclusive of VAT. Click to list the entries or transactions entered into the batch. Click to access more processing options for the batch. Click to set the Options for this batch. The reference number will automatically be inserted. The date of the transaction will be inserted in this column. The Interest rate and the outstanding balance of Debtor Accounts  will automatically be inserted. The overdue Debtor Accounts will automatically be inserted. The debit amount  will automatically be calculated and inserted. No amounts should be entered in this column. Scroll bar - scroll to view more transactions entered in the batch. TurboCASH will automatically generate the balancing entry to the selected contra account. You may overtype the description, if necessary. Click on the speed button or icon or press the key on your keyboard to balance the batch. Click on the speed button or icon or press the key on your keyboard to change the alias. This will help you if you wish to identify a specific batch, if you wish to generate a batch type report or if you wish to export posted batches to a file.
Click on the speed button or icon or press the key on your keyboard to list the batch. It is a good idea to list the batch and check the entries on the batch thoroughly. If there are any errors, you may edit the batch before posting the batch.
Click on the speed button or icon or press the key on your keyboard to post the batch. TurboCASH will post the entries to debit the individual debtor accounts, credit the total to the selected contra account (i.e. interest received).

After posting the transaction, the transactions should reflect as follows:




The Debtors Account is debited with the interest amount, which the Debtor needs to pay. The Contra Account (e.g. Interest Received - Income) is credited with the amount charged to the Debtor's Account.