Retail Entity - Start-up Reference
5. Create and Edit Master Files:
a. Edit Chart of Accounts - Print the Chart of Accounts and check that the standard Chart of
Accounts meets your requirements. If not, create/add new accounts, or delete unwanted
b. Edit Bank Accounts - Edit the name of your existing main Bank Account. If you have more than
one Bank Account, you need to add Payments and Receipts Batches for each other Bank
Account and then create the other bank accounts (remember to link each of the new Bank
Accounts to its own Receipts and Payments Batch).
c. Create Tax Accounts - The basic Tax accounts for VAT/GST/Sales Tax is already preset. Check
that the accounts are correct for your requirements and add any VAT /GST account (e.g. Capital
goods) which you may require, if any. (Only if you are registered for VAT/GST/Sales Tax).
d. Create Debtor Accounts - Create your Debtor Accounts - General Information, Accounting
e. Create Creditor Accounts - Create your Creditor Accounts - General Information, Accounting
Create Stock Items - Create your Stock Item Codes on the Edit - Stock Items.
6. Set the fol owing Preferences:
a. Backup Path - Select the default location (drive and / or folder in which you wish to create
b. Printer - Select the default printer on which you wish to print the majority of your reports,
statements and documents.
c. Fonts - Set the default fonts for your system.
d. Data Parameters - Set the debit / credit display mode, number of decimals and number of
documents defaults and the symbol to display large amounts.
e. Define Labels - Define labels for your debtors, creditors and stock items.
7. Take-on Opening Balances:
a. General Ledger Accounts - Take-on your opening balances for your General Ledger Accounts
from your Trial Balance and / or Financial Statements.
b. Individual Debtor Accounts - Take-on your opening balances for each of your individual Debtor
Accounts. The total of the Debtor Accounts must balance with the Debtor's Control Account on
the Trial Balance and / or Financial Statements.
c. Individual Creditor Accounts - Take-on your opening balances for each of your individual
Creditor Accounts. The total of the Creditor Accounts must balance with the Creditor's Control
Account on the Trial Balance and / or Financial Statements.
d. Take on Opening Stock Items - Take-on your opening balances for your Individual Stock Items
from your Stock Records (closing balances from your previous accounting system).
Once you are satisfied that all the information and settings is complete, you may start to process your
Before you start selling stock items, you need to do one or more of the following actions on the Input
Take-on Opening Balances for Stock Items
If you have an existing business, but only started using TurboCASH, you need to enter your
Cost Price and Quantities at hand for each of your Stock Items as reflected in your previous
accounting system's records. You will do this in the Input->Adjust Stock menu option
(Adjustments - Stock Take-on).
Purchase Stock Items
If you have insufficient Stock Items or new Stock Items which you need to start
If it is a new business and / or you are starting to trade with Stock Items for the first
The Complete TurboCASH Reference Guide - 91