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Using TurboCASH

 







TAKE-ON OPENING BALANCES
TAKE-ON OPENING STOCK BALANCES
  
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 stock items 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.

This option allows you to take-on stock before you begin trading or processing stock transactions, such as sales and purchases. When you have an existing business and you start working on TurboCASH, you already have the information regarding your stock. Before you can take on your quantities at hand for your stock items, you should already have created your stock codes. Their respective descriptions, bar codes, reporting groups, unit size, latest cost price, up to 3 selling prices, Input Tax and Output Tax, Sales, Cost of Sales and Stock Control Accounts should have been entered into the system. See Edit Stock Items (Edit - Stock Items).

To take on your stock items in TurboCASH, is as simple as entering the physical quantity on hand, (the closing balance of your physical stock items on your previous accounting records from your previous system) and checking your average cost amount. The average cost amount should be displayed on the Stock Item - Take-on screen. It is recommended that you do a full stock taking to determine your physical stock items at hand before taking on your stock quantities on TurboCASH. This will ensure that you start with the correct quantities in TurboCASH, as any shortages and surpluses are dealt with in your old accounting records.

 

It is very important that you either do a take-on of each of your stock items or that you enter a purchase for each item, before selling any stock. If you create an invoice for a stock item, before having done a stock take-on, TurboCASH will not know the item's cost price and will update your cost of sales with a zero amount. This will over-inflate your profits.

When the cursor is in the Stock Code field, the Stock Item search facility will be displayed. Select the applicable stock item or enter the stock code.

 In practice you would now do a stock take and inform TurboCASH as to the numbers of each item you have in stock. Unless your opening balances are actually entered into the system, TurboCASH would never know how many items you had in stock to start with.

To take on opening balances for Stock:
Click on the Input - Adjust Stock menu option or press the and keys on your keyboard. Alternatively you may press the and and keys on your keyboard.
Click on the Stock Take-on option. The screen will change to reflect the columns in which you need to enter the quantities. The following an example of the stock item quantities and cost prices from the stock records on a hand system:



After the Closing Quantities at hand as well as the cost prices is captured, the Take-on option for the Stock Adjustments screen should be displayed as follows:

Title bar - double-click to display this screen in full size. double-click again to return to the original size. Close button - click to close or exit this screen. Select to create, edit or delete a Stock Item. If selected, you may edit the data in the columns for each Stock Items. If selected, all the adjustments options are listed. Select to adjust Stock Quantities and Average Cost. Select to adjust Stock Quantity and Latest Cost. Select to adjust Selling Prices of Stock Items. Select to take-on Stock Quantities and Cost from your previous accounting system. Click on the down arrow to select the Stock Item search facility. Scroll bar - scroll to view more columns for the Stock Items. Scroll bar - scroll to view more Stock Items. Select this Option and click on the folder icon to select a valid Lotus Spreadsheet File. Enter or select a valid date using the Date Picker. Select to adjust Selling Prices by a specified percentage. Click OK to save your changes and to process this screen. Click to close or exit this screen. Select to apply the Selling Price Adjustment to all Stock Items. Arrow - indicates the selected Stock Item. The Codes for all the available Stock Items. The Descriptions for all the available Stock Items. TurboCASH allows you to set 3 different Selling Prices for each Stock Item. The minimum re-order quantity on hand units. Quantity of Stock Items on hand. Click on the down arrow to select to take-on Stock Quantities and Cost from your previous accounting system. Barcodes will be displayed if you use barcodes. Minimise button - click to minimise this screen. Restore button - click to restore this screen to its original size.
Select the date on which you wish to take on the Stock items.
Once you are finished to take on your stock balances, click on the button to save the changes.
Click on the button or the Close button to exit or close this screen. You may also press key on your keyboard.

Check the average cost and enter the quantity on hand. Note that the Average Cost is the same as the Latest Cost Price, which you have entered when the Stock Item Code was created. TurboCASH will calculate the Total Cost by multiplying the Average Cost with the Quantity on Hand, which you have just entered.

You should not use this option if you have converted your data from a previous version of TurboCASH or Pastel version 5.2.

It is good practice to obtain a Stock Item Listing report, reflecting information regarding the Stock Count, Average Cost Stock Value, Cost Price and Quantity on Hand from TurboCASH. This report should be checked to verify that you have entered all your details correctly and that your accounts at sub-account level do balance. These reports should be retained together with your working papers and or financial statements from your previous accounting system for future reference and audit purposes.

To generate a Stock Item Listing report, click here:

This amount should balance with the stock records and the stock control account in your previous accounting records.