TurboCASH Accounting Software TurboCASH United Kingdom
Select your Country
OPEN SOURCE ACCOUNTING SOFTWARE
HomeFeatures & ScreenshotsShop onlineCompareFAQForumRegisterContact
Community
Free Downloads
Shop
Other Titles

Using TurboCASH

 







SALARIES AND WAGES
PROCESS PAYROLL (SALARIES AND WAGES) JOURNAL
  
Since salaries are paid on a monthly basis and wages on a weekly or fortnightly basis, and the transactions are of a repetitive nature (basically the same for each pay period), it is recommended that the transactions be entered in the Edit Repeating Entries menu option. Once the payroll transactions are set up and created in the Edit - Repeating Entries menu option, you only need to import the transactions in a normal batch at the end of each pay period (when the payroll is finalised).

If any amounts or new allowances, deductions or employer's contributions change or are paid or deducted, or any allowances or deductions are not applicable for a specific month, you may edit the imported transactions in this batch. Should the changes in the payroll be of a permanent nature, it is recommended that the changes be edited in the Edit - Repeating Entries menu option.

Import and Process the Transactions for Salaries or Wages in the Payroll Journal or General Journal:
When the payslips are finalised and you need to process the payroll transactions. Click on the speed button or icon or press the key on your keyboard. Alternatively you may press the and and keys on your keyboard. The Batch Type selection screen will be displayed. Select the Payroll Journal (Salaries or Wages batch or journal or the General Journal) and click on the button.
Click on the speed button or icon or press the key on your keyboard. The Process options screen will be displayed. Select the Repeating Transactions options and click on the button. The Enter Month and Year to repeat entries to screen will be displayed.

 

Select This Year or Last Year to import the transactions. Select the Accounting period (This Year or Last Year periods) in which the transactions are to be imported. Enter a description to add it to the existing descriptions. Click to import the transactions into the normal batch. Click to cancel and close or exit this screen. Enter a new reference number to replace existing reference numbers.
Select This Year (or Last Year if you need to process the transactions for a previous financial year) and select the Accounting Period on the Periods Search or Lookup facility. Enter a Description if you wish to add the description to any existing (imported) descriptions. Click on the button. The transactions will be imported into the normal batch entry screen. Note that the alias and not *** Repeating Entries *** is displayed on the title bar as this indicates that this is a normal 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. Enter or edit the reference number for the transaction. If a repeating batch was imported, the reference numbers will be displayed. Enter or edit select the date of the transaction. Enter or edit the descriptions for the transaction. If a repeating batch was imported, the descriptions will be displayed. Select the Salaries Expense account for Gross Salaries / Wages and the Deduction accounts (Current Liabilities), if necessary Enter or edit the debit amounts for the Salaries / Wages. Enter or edit the credit amounts for Deduction accounts (Current Liabilities). Enter or edit the reference number for the transaction. If a repeating batch was imported, the reference numbers will be displayed. Enter or edit select the date of the transaction. Enter or edit the descriptions for the transaction. If a repeating batch was imported, the descriptions will be displayed. Select the Salaries Expense account for Gross Salaries / Wages and the Deduction accounts (Current Liabilities), if necessary Enter or edit the debit amounts for the Salaries / Wages. Enter or edit the credit amounts for Deduction accounts (Current Liabilities). Scroll bar - scroll to view more transactions entered in the batch. TurboCASH will generate balancing entries to the Salaries Control account. The total must be equal to the net salaries paid to employees. The account number and name of the selected transaction or row. Accumulative total - if a zero (nil) amount is displayed, it indicates that the batch is in balance. The amounts and the reference amount, the Accounting period and the selected Contra account of the Salaries Control account.
Finally you need to check the batch entries, and edit the transactions if necessary. It is recommended that the transactions be edited in the repeating transaction batch, if the nature of the transactions is of a permanent nature. If it is transactions that are only applicable to a current or specific month, these transactions may be edited in this batch.
Click on the speed button or icon or press the key on your keyboard to balance the batch, if the batch is not already balanced. TurboCASH will create the balancing entry to the contra account (which should be the salary control account). The description field will display BALANCING ENTRY - Payroll Jnl or General Jnl, etc.

It is a good idea to overtype this description as it is not very meaningful to an outside auditor or accountant. If you overtype these it will definitely make it easier to trace and reconcile transactions.
  • Overtype the description with "Net Salaries March 2005" in the description column.

  • Do not overtype the ******** as it will indicate that these are contra transactions. Note that the net amount of the balancing entry should be equal to the total amount for the net pay that you need to pay to each of the employees (by cheque, cash or bank transfers).
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 expenses (salary and employer's contributions) and credit all the deduction accounts with the amounts deducted from salaries or wages and any employers contributions. The balancing entry will create a credit balance in the contra account (Salary Control Account, which is the amount of the net salaries or wages payable to the employees. The transactions for the accounts will be displayed as follows:
  1. Salaries and Employers Contributions (Expenses):




    These expenses will reflect in the income statement and will reduce the net profit.
  2. Net Salaries, Deductions and Employers Contributions (Creditor Accounts Current Liabilities):








    These amounts credited to the current liability accounts (creditors) is should be paid over to the relevant institutions or authorities, except in the case where an employee has deductions for amounts owed to the business. In some cases, you need to submit prescribed returns to accompany the payment. Whenever you make the payment, the transactions should be done in the payments batch for the bank account out of which you issue cheques, initiate bank transfers, etc. Once the payments batch is updated or posted to the ledger, these accounts should reflect a nil or zero balance.

It is not necessary to post or update the transactions at the end of each day. You may add your transactions on a daily or weekly basis and at the end of a month, you may post the transactions. When you have entered a few transactions, you may close or exit the batch. The data will not be lost. It is recommended that you update or post the transactions before you need to process the next pay period.

Before you wish to post the batch, please ensure that you have checked the transactions and that you have changed the alias, print a list of the entries in the batch.