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Using TurboCASH

 







BATCH (JOURNAL) TRANSACTIONS
PURCHASE RETURNS OR CREDITOR ALLOWANCES JOURNAL
  
This option is used to capture all the supplier returns or supplier credit notes you have received for returns or allowances on credit purchases from your creditors or suppliers. If you have purchased trading stock items, and you return these purchased stock items, you need enter your credit purchases of trading stock in the Input - Documents - Goods Returned menu option. By creating a Goods Returned document, TurboCASH will automatically write up your Purchase Journal for you.

This journal is used to record your credit purchases for the day. You would record the supplier invoice number, date of the supplier invoice, details, the creditor (from whom you have purchased), Input VAT (if you are registered for VAT) and the amount - including or excluding VAT, if you are registered for VAT and VAT is applicable to a transaction.

To Enter your Purchase Return / Creditor Allowances Transactions:
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 Purchase Journal or Purchase Returns or Creditor Allowances Journal (if you have created such a journal) from the list displaying the available Batch Types and click on the button. The Batch Entry screen for the Purchase Journal or Purchase Returns or Creditor Allowances Journal will be displayed.
 If no contra account is displayed on the Batch Type selection screen, you need to set the options for the batch. If you have not yet set the purchase journal batch up, or if your requirements should change, click on the speed button or icon. Note that for Supplier Credit Notes, the Amount Entry field should be set to debit.
Enter the following supplier invoices in the Purchase Journal or Purchase Returns or Creditor Allowances Journal:

 

Supplier Credit Note heading and number. Date of the Supplier Credit Note. VAT registration number must be displayed if the Supplier is registered for VAT. The address of the Creditor or Supplier. The name and address of your business. Transaction details. Errors and omissions excluded. Supplier Credit Note total, VAT amount and Inclusive amount of the refund or return. Indicates the percentage VAT included. Name of your Supplier or Creditor's business.

Enter and or select the following:
  • Reference number - Enter the purchase returns or other applicable number you allocate to the supplier credit note.

  • Date - Enter or select the date of the transaction.

  • Description - Enter a brief description for the transaction.

  • Account - select the Creditor Account.

  • Contra Account - Select the account to be credited with the credit purchase (expense or asset).

  • Tax Account - Select the applicable Input Tax Account for the expense or purchase. NOTE - this is only applicable if Input VAT is allowed on a transaction and if you are registered as a VAT Vendor and VAT has been charged on the original supplier invoice. If no VAT is applicable to the transaction, or all transactions in this batch, select the No Tax code. You may also select to hide the Tax column and lookup facility in the Setup Options for the Purchase Returns Journal.

  • Amount enter the amount of the transaction (Inclusive or Exclusive of VAT) in the Debit amount column.
After entering the invoices in the Purchase Journal or Purchase Returns or Creditor Allowances Journal, the transactions will be displayed as follows:

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 the document or reference number for the transaction in this column. Enter or select the date of the transaction in this column. Enter a description for the transaction. Select the Creditor Account. Select a valid Tax (Input VAT) Account, if you are registered for VAT and VAT is applicable to the transactions. Enter the debit amounts for Creditor Accounts. No amounts should be entered for supplier invoices in this column. Scroll bar - scroll to view more transactions entered in the batch. Select the account to be credited with the purchase (e.g. expense or asset account).
Click on the speed button or icon or press the key on your keyboard to balance the 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 the document or reference number for the transaction in this column. Enter or select the date of the transaction in this column. Enter a description for the transaction. Select the Creditor Account. Select a valid Tax (Input VAT) Account, if you are registered for VAT and VAT is applicable to the transactions. Enter the debit amounts for Creditor Accounts. No amounts should be entered for supplier invoices in this column. Scroll bar - scroll to view more transactions entered in the batch. TurboCASH generates balancing to similar contra accounts and to the Input VAT accounts if tax codes are selected. Select the account to be credited with the purchase (e.g. expense or asset account).

TurboCASH will generate balancing entries to the sales account and the Input VAT account. If the Consolidate balancing option is selected in the Setup Options for this batch, the description for the balancing entries or transactions, will be displayed as "BALANCING ENTRY Purchase Returns Jnl" or the name of your Returns Journal. 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 "Supplier Credit Notes March 2005" in the description column.

  • Overtype the VAT description with "Input VAT -Supplier ReturnsMarch2005" in the description column.

  • Do not overtype the ******** as it will indicate that these are contra transactions.
 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 creditor accounts, credit the total purchase returns to each of the selected purchase accounts (Expenses and / or Assets Accounts) and credit the VAT amount to the Input VAT account. The Accounts will be displayed as follows:




If the Consolidate Balancing Entries option was not selected when the options for this batch was set, the individual supplier credit notes would have been listed or posted to the selected General Ledger Accounts and Input VAT account.

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.

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.

If you have supplier credit notes, you need to set the amount entry to debit in the setup options for the purchase journal batch before entering the supplier credit notes in the purchase journal. Alternatively, you may enter the supplier credit notes in the purchase returns or creditor allowances journal.