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TAKE-ON OPENING BALANCES
TAKE-ON OPENING BALANCES FOR CREDITOR ACCOUNTS
  
If you have an existing business and you have accounting records on a previous accounting system, you need to take on opening balances of the creditor accounts in TurboCASH, unless your data has been converted from a previous version of TurboCASH or Pastel version 5.2 when you start to use TurboCASH.

To do this, you need a list of all your creditor accounts with a grand total. This grand total must balance with the Creditors Control account's opening balance, which was entered in the batch for the General Ledger account opening balances. The list will basically reflect the account balances, but if you wish to make use of the ageing facility in TurboCASH (Creditor Age Analysis Reports and Creditor Remittance Advises), it is recommended that the list include the ageing of the account balances. The following is an example of the creditor list:

 

You have two basic options to take-on your individual Creditor account opening balances:
  1. Enter the individual Creditor accounts with the outstanding total of the opening balances (e.g. 1 000) for the previous financial year or accounting period (e.g. 28 February 2005) to clear the Sundry Creditors Account in one Journal. In this case you will not be able to make use of the ageing facility in the Reports - Creditors - Age Analysis for the first ageing periods. However, you may start to process your purchases, returns and payments, once these balances are recorded.

  2. Enter the individual Creditor accounts with the outstanding amounts for each accounting period (e.g. 500 for 28 February, 300 for 31 January and 200 for December) to clear the Sundry Creditors Account in three Journals or batches. In this case you will be able to make full use of the ageing facility in the Reports - Creditors - Age Analysis menu option for the first ageing periods. You may start to process your purchases, returns and payments, once these balances are recorded.
To take-on Opening Balances for your Creditors:
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 General Journal Batch Type and click on the button. The Batch Entry screen for the General Journal will be displayed.

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.
Click on the speed button or icon to set your batch up. The Accounts search facility screen as well as the Options for this batch screen will be displayed.

Select the Contra Account to which you wish to allocate the balancing entry. Leave blank. If selected, the reference number will increment by a value of 1 for each transaction entered in the batch. Do not select. If selected, the balancing enties will be summarised into 1 transaction where the contra accounts is the same for more than 1 transaction. If selected, the Description will be the repeated for the next transaction. Do not select. Do not select. Select to enter amounts only in the credit column. OK- Your defaults will be saved and this screen will be closed. Cancel - This screen will be closed without saving any changes. Title bar. Close or exit button. Select to hide the tax column and tax lookup facility, since no tax is applicable on Opening Balances. Leave blank. Click to set the standard options for this batch, if not selected. Click to set the advanced options for this batch.
Select the Sundry Creditors account as the Contra Account - 1CO-PEN and press the key on your keyboard. The selected account will be displayed in the Contra Account field. Select the following options:
  • Repeat Details option to repeat the Description on each line in the batch.

  • Consolidate Balancing TurboCASH will create the balancing entry for all the Creditor accounts and balances entered into the batch when you balance the batch.

  • Amount Entry - select Credit, since you will have to list the individual credit balances for the Creditor accounts in the batch.

  • Leave all other fields blank and click on the OK button.
Click on the Advanced tab to set the Advanced options for this batch.

Title bar. Close or exit button. Click to set the standard options for this batch. Click to set the advanced options for this batch. Leave blank. Select Creditor. You need to enter credit balances for creditor accounts. Select Creditor, since the creditor opening balances account will be the balancing account. OK- Your defaults will be saved and this screen will be closed. Cancel - This screen will be closed without saving any changes.

All options may be left blank. It is recommended that Account code lookup type as well as the Contra account lookup type be set to Creditors, since you only need to enter the balances for Creditor accounts. The balancing account, i.e. 1COPEN, in this example, is also a Creditor account. Click on the button to apply your settings to the batch entry screen.
Enter the opening balances from your list of creditor balances on 28 February, the last day of your previous financial year or accounting period in the General Journal. (Note if you wish to use the ageing feature in TurboCASH, you need to enter the ageing balances as at the end of each accounting period in separate journals).

For example - February outstanding balances -

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 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 accounts. Enter credit amounts for the creditor accounts in this column. Leave blank. Scroll bar - scroll to view more transactions entered in the batch. TurboCASH will generate the balancing transaction to debit the creditor's take-on account, when the batch is balanced.
Click on the speed button or icon or press the key on your keyboard to Balance the Batch - TurboCASH will create a balancing entry to the Sundry Creditors account (e.g. 1CO-PEN) with the total amount of the creditors balances entered. Remember to overtype the description BALANCING ENTRY - General Jnl with a description of your own.
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 ask you to confirm that you are posting transactions to the previous financial year. Click on the button or press the key on your keyboard to continue posting. TurboCASH will now post all the transactions to the General Ledger.

Should you wish to use the ageing feature, repeat the process with the ageing balances for each accounting period (e.g. January and December).

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 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 accounts. Enter credit amounts for the creditor accounts in this column. Leave blank. Scroll bar - scroll to view more transactions entered in the batch. TurboCASH will generate the balancing transaction to debit the creditor's take-on account, when the batch is balanced.

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 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 accounts. Enter credit amounts for the creditor accounts in this column. Leave blank. Scroll bar - scroll to view more transactions entered in the batch. TurboCASH will generate the balancing transaction to debit the creditor's take-on account, when the batch is balanced.


After all your opening balances in each accounting period have been posted to the Creditors ledger, the Sundry Creditors Account, should reflect a zero balance. Your transactions can be viewed in the various creditor reports and in the T-Account viewer.

Title bar - double-click to display the screen in full size or to return to the normal size. Minimise button - click to minimise this screen. Restore button - inactive. Close button - click to close or exit this screen. Select a general ledger, debtor or creditor account. Enter a valid date or select a date using the Date picker from which you wish to include transactions. Enter a valid date or select a date using the Date picker until which you wish to include transactions. Heading - Debit, Credit and Account number and name or description of the selected account. If the selected account has any transactions before the selected (From) date, the opening balances will be displayed. The debit transactions from and until the selected dates will be listed. The credit transactions from and until the selected dates will be listed. Vertical scroll bar - move up or down to view more debit transactions from the list, if any. Vertical scroll bar - move up or down to view more credit transactions from the list, if any. The cumulative total of the opening balance (if any) and the listed debit transactions. The cumulative total of the opening balance (if any) and the listed credit transactions. The balance is the difference between the debit total and the credit total. If the credit total is more than the debit total, a credit amount will be displayed. Click to confirm your selection. Click to close or exit this screen.