Select the Tax Account Type and click on the button. The
following screen will be displayed:
Select the Tax Account on the Tax Accounts search facility,
from which you wish to transfer the balances and transactions.
Select the Tax Account on the Tax Accounts search facility, to
which you wish to transfer the balances and transactions.
Click on the button to transfer the balances and
transactions. TurboCASH will automatically close this screen after the balances
were transferred. If you click on the Cancel button, the process will be
It is strongly recommended that the necessary generate Ledger
Transaction Reports for the Tax Accounts are generated before you start this
process and when you are finished.
The following is an example of the Ledger Transaction Reports
for the Tax Account before the process was initiated:
The following is an example of the General Ledger Transaction
Report for the Tax Accounts, after the process was initiated:
You will note that the account balances and transactions for
Input VAT Account - Capital Goods Account are cleared and transferred to the
Input VAT Account - Standard Rate Account.
Caution should be exercised as not to try and replace your
journal entries with this facility. TurboCASH will not allow you to transfer
balances between the different account types. If the selected tax account, to
which account balances and transactions are transferred, already has balances
and transactions, the balances and transactions will be added to the existing
balances and transactions.
For example, if you have transferred transactions to the value
of R(£) 500.00 to an account with transactions to the value of R(£) 700.00, the
account that is transferred to will reflect a balance of R(£) 1 200.00. If you
have selected the incorrect account to transfer to, you have to remove these
transferred transactions by processing journal entries, from the incorrect
account to the correct account. Attempting to rectify the issue with this
facility, will result in all the transactions be transferred (for example R(£) 1
200.00 will be transferred in stead of R(£) 500.00).
Note that this option will update the transactions in the General Ledger
Transaction Report but it will not update the
balances and transactions in the Reports - Tax menu option (Invoice Detail Report).