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Using TurboCASH

 







SYSTEM PARAMETERS SETUP
FINANCIAL CATEGORIES - SETUP
  
This option allows you to link your available account reporting groups to either the Assets, Capital, Expenses, Income, or Liabilities Financial Category. The basic report groups should already be available for a Set of Books, and you may add, edit or delete any of these groups in the Setup - System Parameters - Groups menu option on the Account Groups tab, before linking them to Financial Categories.
  • Assets, Capital and Liabilities are Balance Sheet Financial Categories, and

  • Income and Expenses are Income Statement Financial Categories.
It is important to base your selection of your account groups to the respective categories on the accounting equation. If you wish to read more on the accounting equation and the classification of accounts before continuing this process, click here.

To link your Report Groups to your Financial Categories:
Click on Setup - System Parameters - Financial Categories menu option or press the and and and keys on your keyboard. The Financial Categories screen will be displayed with a list of all your available account reporting groups.

 

If you notice that all the account groups are not available, you have to exit this screen and do the necessary amendments on the Setup - System Parameters - Groups menu option.

Title bar. Close button - click to close or exit this screen. Groups - a list of the available Account Groups - as set in the Setup - System Parameters - Groups menu. The Groups added to the Assets, Capital, Expenses, Income and Liabilities Financial Category will be listed in this area. Assets - add the Asset Groups to this Financial Category. Capital - add the Capital Groups to this Financial Category. Expenses - add the Expenses Groups to this Financial Category. Income - add the Income Groups to this Financial Category. Liabilities - add the Liabilities Groups to this Financial Category. Select the sequence in which the Financial Categories (Capital and Liabilities) should be displayed on the Balance Sheet. Select the sequence in which the Financial Categories (Income and Expenses) should be displayed on the Income Statement. Reset - click to clear all linked groups from the right-hand side of this screen to the group list. Click to close or exit this screen. Add - Click to transfer a selected group from the group list to the right-hand side of this screen. Remove - click to remove a selected financial group from the list on the right-hand side of this screen and to transfer it to the group list.
Select a category (Assets, Capital, Expenses, Income and Liabilities).
Select a group from the group list, and click on the button.
Repeat the process until you have no more items in the group list. The following is a basic guideline of how groups should be linked to the Financial Categories.

Financial Category Groups
Assets Fixed Assets, Current Assets
Capital Capital (for Sole Proprietorships and Partnerships), Share Capital (for Companies), Members Contributions (for Close Corporations)
Expenses Expenses
Income Income, Other Income
Liabilities Long Term Liabilities, Current Liabilities.

For example, in the category Assets, select Fixed Assets and click on the button, select Current Assets and click on the button. The groups will be moved from the group list and listed in the right hand side of the screen. Note that these selected groups are no longer available to be added to any other category. Click on the each of these categories (Capital, Expenses, Income and Liabilities) and repeat the process for each of these categories. At the end of this process you should not have any Groups available on the left-hand side of the screen.
Select the sequence in which the Financial Categories on the Balance Sheet and the Income Statement should be displayed.
Once you have completed the process, click on the button.

  • If you have added incorrect groups to a specific financial category, simply select the incorrect group from the list on the right hand side of your screen, and click on the button. The option will now be available to link to another financial category.

  • If you click on the button, all the linked groups to the Financial Categories (Assets, Capital, Expenses, Income and Liabilities) will be cleared, and you could start over to link the groups to the respective category.