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Using TurboCASH

 







OPEN ITEM PROCESSING
INTRODUCTION TO OPEN ITEM PROCESSING
  
TurboCASH allows you 2 basic methods of Age processing of Debtor transactions and creditor transactions. These Age Type processing are the following:
  1. Balance Brought Forward - The credit transactions (payments received, debtor allowances, credit notes or any other credit transaction) for debtor accounts are allocated to the oldest outstanding debit transaction (opening balances, invoices, etc.) amount.

    For creditor accounts, the debit transactions (payments made to creditors, creditor allowances or goods returned documents or any other debit transaction) are allocated to the oldest outstanding credit transaction (opening balances, purchases, etc.) amount.

  2. Open Item - The credit transactions (payments received, debtor allowances, credit notes or any other credit transaction) for debtor accounts may be linked to any selected outstanding debit transaction (opening balances, invoices, etc.) amount. When you create a Debtor Account, you need to select the open Item field on the Accounting information tab, if you wish to select Open Item Processing for a selected debtor account.
For creditor accounts, the debit transactions (payments made to creditors, creditor allowances or goods returned documents or any other debit transaction) may be linked to any selected outstanding credit transaction (opening balances, purchases, etc.) amount. When you create a Creditor Account, you need to select the open Item field on the Accounting Information tab, if you wish to select Open Item Processing for a selected creditor account. The Open Item Link facility allows you to link receipts and credit notes to invoices and to edit the links for your open item debtor accounts. You may also link payments or returns to purchases for open-item creditor accounts. Open-item linking relates debit transactions posted to an account to credit transactions which are posted to the same account. TurboCASH stores two amounts for transactions to open-item accounts, the amount of the transaction as well as an "outstanding amount".

 

When you process the receipts journal and enter the amount for an Open Item Debtor, the Open Item Selection screen will be displayed, where you may select to link a receipt to a specific transaction or outstanding amount.

When you process the payments journal and enter the amount for an Open Item Creditor, the Open Item Selection screen will be displayed, where you may select to link a payment to a specific transaction or outstanding amount.

You may also edit or unlink the existing links or even convert a specific account to the Balance Brought Forward method, where any payment or receipt will be set off against the oldest outstanding amount in this menu option for : To Edit Open Item Links for Debtor and Creditor Accounts:
Click on the Input - Open Item Link menu option or on the icon or speed button. You may also press the and keys or press the and and keys on your keyboard. The Debtors search facility and the Open Item Link screen will be displayed.
Select the Debtor Account for which you wish to edit the Open Item Links.

Or if you wish to select a Creditors Account:

Press the key or click on the Close button of the Debtors search facility screen to close or exit the Debtors search facility screen. Click on the speed button or icon and the Creditors search facility screen will be displayed. Select the Creditor Account and all the transactions for the selected Creditor Account will be displayed.

Title bar - double-click to display the screen in full size or to return to the normal size. Minimise button - click to minimise this screen. Restore button - click to display this screen to full size and click again to restore it to its original size. Close button - Click to close or exit this screen. Clear all open item links or links in a specified period for a selected Debtor account Change all open item links or links in a specified period to Balance Brought Forward age type. View all linked transactions and to unlink or remove a link for a selected transaction. Select a Debtor account on the Debtors search facility. Select a Creditor account on the Creditors search facility. Process specific or selected links. View the open item ageing as displayed on Debtor Statements. Select a Debtor account on the Debtors search facility. The name or description of the selected Debtor account. Sales invoice or other reference number entered in batches or journals or the Invoice or POS Invoice number. Date of the transaction. Description or details of the debit transaction. If an Invoice or POS Invoice was updated to the ledger, the Document type (Invoice) will be displayed. The transaction amount. The outstanding amount will change to 0.00 if the linked amount is the same as the transaction amount. If not the same a difference will be displayed. Select to link the debit transaction. If not selected, the transaction is not linked. Vertical scroll bar - move up or down to view more transactions, if necessary. The total of the debit transaction amounts. The total of the debit outstanding amounts. All the debit transactions posted in batches (Sales Journal, etc.) and in documents (Invoices and POS Invoices). All the credit transactions posted in batches (Receipts Journal, Sales Journal (returns), etc.) and documents (Credit Notes). Deposit or other reference number entered in batches or journals or the credit note number. Date of the transaction. Description or details of the credit transaction. If a Credit note was updated to the ledger, the Document type (Credit Note) will be displayed. The transaction amount. The outstanding amount will change to 0.00 if the linked amount is the same as the transaction amount. If not the same a difference will be displayed. Select to link the credit transaction. If not selected, the transaction is not linked. Vertical scroll bar - move up or down to view more transactions, if necessary. The total of the credit transaction amounts. The total of the credit outstanding amounts. The total transaction and outstanding amounts will be matched with the ledger total. Any differences for the transaction and outstanding totals.
Select the following options.

Icon Description
This option will clear all the open item links for a selected Debtor or Creditor.
This option will clear all the open item links and generate the ageing as balance brought forward account for a selected Debtor or Creditor.
This option allows you to unlink a selected transaction (a receipt, which is linked to an invoice in the case or a Debtor or a payment linked to a purchase transaction in the case of a Creditor).
Click on Debtor icon and the Debtors search facility displaying all the Debtor accounts. Select the Open Item Debtor account for which you wish to edit the links.
Click on Creditor icon and the Creditors search facility displaying all the Creditor accounts. Select the Open Item Creditor account for which you wish to edit the links.
Click to enter an amount to link to a specific or selected transaction.

Click to view a the selected Debtor or Creditors account in a statement layout with the ageing labels (e.g. Current, 30 Days, 60 Days, etc.)


If you are registered for VAT on the Payments Based - VAT Accounting basis, and you set the Set of Books for Payments Basis VAT in the Setup - System Parameters - Company Information (Options tab), TurboCASH will automatically convert all your Debtor and Creditor Accounts to the Open Item ageing method. This will disable the Open Item Account fields on the Edit - Accounts - Debtors (Accounting Information tab) and on the Edit - Accounts - Creditors (Accounting Information tab).