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Using TurboCASH

 

BOOKKEEPING: CHART OF ACCOUNTS SETUP

Setting up your chart of accounts using TurboCASH accounting software is accomplished in 6 easy steps:

  1. 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.
  2. You may need to add additional accounts to those provided by TurboCASH. Use the Edit – Accounts – General Ledger menu option to do so.
  3. Enter all your debtors (customers) using the Edit – Accounts – Debtors option.
  4. Enter all your creditors (suppliers) using the Edit – Accounts – Creditors option.
  5. Enter your opening balances (if your company is already trading).
  6. 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:

000-099
100-199
200-499
500-599
600-699
700-849
850-899
900-998
999-000
Income
Cost of Sales
Expenses
LT liabilities + Share capital + Retained Income
Fixed Assets
Current Assets
Tax (VAT accs)
ST Liabilities
Suspense

Now that your chart of accounts is set up, here is a guide to setting up your transactions in TurboCASH.