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Using TurboCASH

 







TRANSFER TRANSACTIONS
TRANSFER TAX ACCOUNT TRANSACTIONS AND BALANCES
  
This option allows you to transfer all transactions and balances from one Tax (VAT) account to another Tax (VAT) account.

This option will move all the balances and all the transactions with all their dates, references and descriptions exactly as they were originally entered into the system on any of your batch entries or documents. When Transaction reports are generated, none of the transactions and balances will be displayed in the account from which the transactions were transferred, but will only be displayed in the account to which the transactions were transferred.

To Transfer Transactions and Balances for Tax Accounts:
Click on the Tools - Global Processes - Transfer Transactions menu option or press the and and and keys on your keyboard. The Account Type screen will be displayed.

 

Title bar. Select to transfer transactions and balances for the General Ledger Accounts. Select to transfer transactions and balances for the Debtor Accounts. Select to transfer transactions and balances for the Creditor Accounts. Select to transfer transactions and balances for the Bank Accounts. Select to transfer transactions and balances for the Tax (VAT) Accounts. Click to select the accounts and to transfer the transactions and balances for the selected Account type. Cancel - click to close or exit this screen.
Select the Tax Account Type and click on the button. The following screen will be displayed:

Title bar. Close button - click to close or exit this screen. Enter or select the date using the date picker. Select a Tax Account from the Tax Accounts search facility. Any balances and transactions will be cleared from the selected account. Select a Tax Account from the Tax Accounts search facility.  Any balances and transactions will be transferred to the selected account. The selected account description or name. The selected account description or name. Click to transfer the balances and transactions to the selected accounts. Click to cancel or to close or exit the screen. Process - Field is inactive. Balance of the account as at the selected date. Balance of the account as at the selected date.
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 terminated.

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).