BOOKKEEPING: CHART OF ACCOUNTS SETUP
Setting up your chart of accounts using TurboCASH accounting software is accomplished in 6 easy steps:
- Use the File – Create set of books menu option to create your company’s chart of accounts. Choose the set of books that most closely relates to your business.
- You may need to add additional accounts to those provided by TurboCASH. Use the Edit – Accounts – General Ledger menu option to do so.
- Enter all your debtors (customers) using the Edit – Accounts – Debtors option.
- Enter all your creditors (suppliers) using the Edit – Accounts – Creditors option.
- Enter your opening balances (if your company is already trading).
- If your
business controls stock, create your stock items using the
Edit - Stock Items menu option.
Although not mandatory, below is an example of the numbering system one should use in setting up your accounts:
Cost of Sales
LT liabilities + Share capital + Retained Income
Tax (VAT accs)
Now that your chart of accounts is set up, here is a guide to setting up your transactions in TurboCASH.