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Using TurboCASH

 







MONTH-END PROCEDURES
MONTH-END PROCEDURES FOR A RETAIL ENTITY
  
As in the case of a hand system, after processing all your daily transactions for a specific month, you have to check the results and ensure that certain actions have been performed before a month can be finalised. It is important to develop a checklist to meet your specific requirements. This will ensure that you generate useful reports and that you evaluate your business performance and financial position for a specific period on correct information. The following represent a basic list and may vary according to your circumstances.

Corrections or adjustments are normally done in the general journal and not in the specific journals (i.e. sales journal, purchase journal, cash receipts journal, cash payments journal, etc.), and the entries are posted to the ledger accounts. Normally the description entered on the journal and / or the applicable working papers are used as the source document.

You need to identify any other issues according to your own circumstances. It is recommended that should you print your final detailed ledger transactions for a specific month, only after you ensure that all the transactions are entered and completed, to prevent printing mass reports, which are incorrect.

TurboCASH allows you to close a specific month to prevent any further posting to that specific month. To do this you need to select the Setup - System Parameters - Reporting Dates menu option and remove the tick on the "Open for posting" field for the specific month you wish to close. You will still be able to generate all the available reports in TurboCASH for that specific month. Should you need to post a transaction to that specific month after you have closed the month, you may mark the "Open for posting" field for that specific month.