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Using TurboCASH

 







BATCH (JOURNAL) TRANSACTIONS
SALES RETURNS OR DEBTOR ALLOWANCES JOURNAL
  
This option is used to capture all the credit notes you have manually issued for sales returns to your debtors or customers. If you trade in stock items, or you wish to generate Invoices in TurboCASH, you need to set up a service stock item ("dummy stock item"), and enter your credit notes in the Input - Documents - Credit Notes menu option. By creating a Credit Note, TurboCASH will automatically write up your Sales Journal (Sales Returns Journal) for you.

This journal is used to record your credit notes or sales returns for the day. You would record the credit note number, date of the credit note, credit note details, the debtor (who you sold to), output VAT (if you are registered for VAT) and the amount you charged the customer - including or excluding VAT, if you are registered for VAT and VAT is applicable to a transaction. The credit note transactions should cancel or reverse the entries or a part of the invoice for which the credit note is issued.

To Enter your Sales Returns / Credit Note 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 Sales Journal or the Sales Returns / Debtor Allowances Journal (if you have created a returns journal) from the list displaying the available Batch Types and click on the button. The Batch Entry screen for the Sales Journal or the Sales Returns / Debtor 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 sales journal batch up, or if your requirements should change, click on the speed button or icon. Note that for Credit Notes, the Amount Entry field should be set to credit.
Enter the following credit note in the Sales Journal or the Sales Returns / Debtor Allowances Journal:

 

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

Enter the Credit Note number, date, description, select the account and tax account (Output VAT) and enter the amount for each credit note. After entering the credit note in the Sales Journal or the Sales Returns / Debtor 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 Debtor Account. 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 credit notes in this column. Enter the credit amounts for Debtor Accounts. Scroll bar - scroll to view more transactions entered in the batch.
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 Debtor Account. 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 credit notes in this column. Enter the credit amounts for Debtor Accounts. Scroll bar - scroll to view more transactions entered in the batch. TurboCASH generates balancing entries to the selected contra account (Sales account) and to the VAT accounts for the selected Tax codes.

TurboCASH will generate balancing entries to the sales account and the Output 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 Sales 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 "Sales Returns - Credit Note CR001" in the description column.

  • Overtype the VAT description with "Output VAT - Credit Note CR001" 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 credit the individual debtor accounts, debit the total sales returns to the sales account and debit the VAT amount to the Output 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 credit notes (if more than one credit note) would have been listed or posted to the Sales and Output 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 credit notes, you need to set the amount entry to credit in the setup options for the sales journal batch before entering credit notes in the sales journal. Alternatively, you may enter the credit notes in the sales returns or debtor allowances journal.