Part III. Manage Sets of Books and Data
Service Entity - Start-up Reference
The Service Entity only sel s "services" to its debtors (customers) and does not trade in Stock Items. This option is
used when you have pre-printed source documents for your transactions, such as Invoices, etc. TurboCASH will
guide you through the process to create the Set of Books. Al you need to do is to enter a few basic details and
select a few options.
Procedure 12.2. Service Entity - Reference Guide:
1. Create your Set of Books.
2. Enter the Company Information:
a. Company name - Trading name of the business or organisation.
b. Address - The address to be displayed on Statements, Remittance Advices, etc.
c. E-mail Address - If you have an e-mail address and a valid account with an Internet Service
Provider (ISP). (If Any).
d. Telephone number - The telephone number to be displayed on Statements and Remittance
Advices. (If Any).
e. Fax number - The fax number to be displayed on Statements and Remittance Advices. (If Any).
Company Registration number - The registration number. If the business or organisation is
registered as a company, close corporation, non-profit organisation (NPO) or non-governmental
organisation (NGO) or as registered in terms of any other legislation.
g. VAT/GST/Sales Tax Registration number - The VAT/GST/Sales Tax Registration number.
(Only if you are registered for VAT/GST/Sales Tax).
3. Select the Tax Method and check your Date and Currency format.
a. Tax Method - Your VAT/GST/Sales Tax Registration Certificate will indicate the method for which
you are registered (i.e. Invoice based or Payments (Cash) based). (Only if you are registered for
b. Due Account - You need to select an account, if Payments(Cash) based Tax method is selected.
(Only if you are registered for VAT/ GST).
c. Currency Symbol - The currency symbol to be displayed in TurboCASH (e.g. R for Rands, £ for
Pounds or $ for Dol ars).
d. Date Format - Check and edit the date format in which you wish to enter and view data in
4. Setup screens (Most of these Setup procedures are already preset, if you have used the template Set of
a. Reporting Dates - The Start date of your financial year, and the number of accounting periods in
your financial year. This is usual y 12 for the 12 calendar months of a financial year.
b. Batch Types - The journals you will be using to enter your transactions and post the transactions
to the ledger. The most commonly used Batches are:
Petty Cash Journal
You may add any additional batch types or journals for your requirements.
Should you have more than one bank account, you need to create a bank
account for each of the additional bank accounts.
c. Groups - Up to two Reporting Groups for Accounts, Debtors and Creditors.
d. Financial Categories - Link your Account Groups to Financial Categories (Assets, Capital,
92 - The Complete TurboCASH Reference Guide