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Using TurboCASH

 







BATCH (JOURNAL) TRANSACTIONS
RECEIPTS JOURNAL
  
All the receipts (deposits, debit orders into your bank account, interest received, etc), which is deposited into a specific bank account is entered in the receipts journal for the bank account in which the money is deposited. The transactions entered into the Receipts Journal will always increase the bank balance if it is a positive bank balance. Should your bank balance be an overdraft, the transactions entered into the Receipts Journal will decrease your negative bank balance.

The source documents used to enter transactions in a receipt batch are receipts and deposit slips. TurboCASH also allows you to create a receipt. You may print the receipt and TurboCASH will insert the transaction automatically in the Receipts Batch, in which case you do not have to write a hand-written receipt.

All receipts and moneys deposited will be displayed on the bank statement and must be reconciled (usually on a monthly basis) with the receipts journal. You may find other transactions, such as monies deposited directly into your bank account, interest, etc. on your bank statement which are usually dealt with when the bank reconciliation are done.

 

A copy of a receipt issued to a customer debtor or other party from whom the money is received is retained for record purposes and should be included in a deposit slip. The original receipt is handed to the party from whom the money is received. All the moneys received are deposited in the bank account. A receipt should always be issued when cash are received. In some cases, cheques may be received from the party from whom payments are received. In these cases, receipts are not always issued. The cheques are listed on the deposit slip when the money is deposited into the bank account.

To Enter Receipts 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 Receipts Journal for the specific Bank Account, in which you wish to enter the receipts or credits. Click on the button. The Batch Entry screen for the selected Receipts Journal will be displayed.
The first time you enter a transaction in the receipts journal you should set it up according to your requirements. This should be done for each journal, but only needs to be done once, unless your requirements change. If you have not yet set the receipts batch up, click on the speed button or icon to set your batch up. Note that for the Receipts Journal, the Amount Entry field should be set to credit.
 Capture the Deposit slips or Receipts. The following is an example of deposit slips obtained from a bank. You may have pre-printed deposit slips, which may be pre-numbered and of a different appearance, but the information on the deposit slips are basically the same.

The name of the bank or financial institution. Name of the source document. Date of the deposit. Enter the name of your business. It should be the same as the name of the account at the bank. Enter your account number. Bank stamp - This is proof that the bank received the moneys on this deposit slip. Enter the cash for this deposit slip. Enter the details of the cheques received. This is important in the case of unpaid cheques (dishonoured cheques). The total of cash and cheques for this deposit slip. Signature of the person who has completed the deposit slip. Enter a reference number or other reference.

The name of the bank or financial institution. Name of the source document. Date of the deposit. Enter the name of your business. It should be the same as the name of the account at the bank. Enter your account number. Bank stamp - This is proof that the bank received the moneys on this deposit slip. Enter the cash for this deposit slip. Enter the details of the cheques received. This is important in the case of unpaid cheques (dishonoured cheques). The total of cash and cheques for this deposit slip. Signature of the person who has completed the deposit slip. Enter a reference number or other reference.

You would record the deposit number, date of the transaction, details of the transaction, the debtor or other applicable ledger account, Input VAT (if you are registered for VAT) and the amount you have issued the deposit for - including or excluding VAT, depending on your requirements.

All the receipts on the same deposit slip must have the same reference number. This is very important. If this is not done, bank reconciliation will be difficult, if not impossible. On the 16th of March, we have two receipts deposited on the last deposit slip. In this case, we use the same reference number (e.g. D5001) to enter both the deposit transactions on the same deposit slip.

After entering the deposit slips, you need to balance the batch transactions and before you wish to post 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 deposit number for the transaction in this column. If more than one receipt is on the same deposit slip, use the same reference number. Enter or select the date of the transaction in this column. Enter a description for the transaction. Select the General Ledger or Debtor Account. If no Output Tax is applicable to all transactions in the Receipts Journal, the Tax column and lookup facility may be disabled. If not, select a valid Tax (Output VAT) Account, if you are registered for VAT and VAT is applicable to the transactions. No amounts should be entered for deposits in this column. Enter the credit amounts for Receipts. Scroll bar - scroll to view more transactions entered in the batch. TurboCASH generates balancing to similar contra accounts and to the Output VAT accounts if tax codes are selected. The account code and description of the selected transaction or row. The accumulative batch total. When a zero is displayed, the batch is in balance. The amounts (Inclusive and Exclusive of VAT and the Reference total) for the batch. The Accounting period and the Contra Account for the Bank Account The Account lookup or search facility may be configured to list all accounts, only general ledger, only debtor accounts, etc. If the tax is enabled, the lookup or search facility for tax accounts will list all available tax accounts or codes when the cursor is in the Tax column. Enter the deposit number for the transaction in this column. If more than one receipt is on the same deposit slip, use the same reference number. Enter or select the date of the transaction in this column. Enter a description for the transaction. Select the General Ledger or Debtor Account. If no Output Tax is applicable to all transactions in the Receipts Journal, the Tax column and lookup facility may be disabled. If not, select a valid Tax (Output VAT) Account, if you are registered for VAT and VAT is applicable to the transactions. No amounts should be entered for deposits in this column. Enter the credit amounts for Receipts. If any amounts for an Open Item Debtor account is linked on the Open Item Selection screen, the transaction will be displayed in a yellow background.

If any amounts for an Open Item Debtor account is linked on the Open Item Selection screen, the transaction will be displayed in a yellow background.

Click on the speed button or icon press the key on your keyboard. TurboCASH will create the balancing entry to the bank.

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 Receipts Jnl". 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 "Deposit slips D5000 - D5001" 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 total receipts to the current bank account and credit the selected general ledger accounts and individual debtor accounts. 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 receipts transactions would have been listed or posted to the Bank Account.

You may enter transactions in a batch daily and only post at the end of the month. Exiting or closing the batch, or even TurboCASH, will not cause these transactions to be lost. You may also choose to post after every entry.

TurboCASH allows you to reconcile your Bank Accounts before posting your Payments and Receipts journals. This will allow you to easily correct any errors found, when doing the bank reconciliation. Please note that you cannot reconcile unposted items created on the "client machines" if you are working on a network version of TurboCASH.

Any transactions which is already reconciled with a bank statement, (which is marked or selected as reconciled items or transactions), will be displayed in a blue font colour.

If you have any repeating entries setup for your receipts batch, you need to copy them to the normal batch as they will not reflect in the Cash Book for a specific period when doing the Bank reconciliation.

Capture your deposits from your deposit book or slips. Number each page of the deposit book separately (if not pre-numbered) and use this number as your reference number. Start the numbering from a number different to your cheque numbers e.g. 5000. If you have pre-numbered deposit slips and they may at any time in the future be the same as your cheque numbers, it is wise to prefix your deposit number with a D. You may also prefix your cheque numbers with a C.

The same reference number must be used for all deposits made on the same deposit slip. This is very important as TurboCASH will total all amounts with the same reference number, and the total of each deposit is the amount, which will appear on your bank statement. If you do not use the same reference number for deposits made on the same deposit slip, your bank reconciliation will be difficult to work out.

It is important to type something similar to "Payment Received" in the detail column, as this will appear on the debtor's statement and it must be useful information for the debtor. Do not select tax on receipt from debtors as you have already charged Output VAT when you captured the sale to the debtor.

If you have many transactions with descriptions of a repetitive nature, you may assign a key on your keyboard as an abbreviation. For example, if you assign the key on your keyboard for the description "Payment received - Thank you", you only need to type the key and press the key in the description field. The full description (e.g. "Payment received - Thank you") will be transferred to the description field.

Should you have any Open Item Debtors, an Open Item Selection screen will appear listing all debit transactions as well as the opening balance for the debtor you have selected in the account field, if this debtor account is created as an Open Item Debtor. You need to select the specific invoice or transaction for which, you are receiving the payment.