TurboCASH is a Generally Accepted Accounting Practice (GAAP) compliant system. TurboCASH really makes accounting easy and produces financial reports, which understandable to every user of financial information. In addition to the standard Income Statement, Balance Sheets and Trial Balances, you may also produce a host of other reports to manage your business activities and performance.
A basic understanding of accounting principles may be necessary to identify transactions and enter them in the correct accounts. Should you use the basic templates, which TurboCASH has installed, on your system, to create a Set of Books, your Set of Books will be set according to the Accounting Principles.
All accounting systems operate on the basic rule of the double entry system. It does not matter which system you are using. If it is a hand system, transactions are recorded by pen into physical books, or if it is a computerised accounting system (such as TurboCASH), the transactions are captured or entered into the computerised accounting system. The accounting principles will be the same.
For each transaction you will have debit and credit entries, which will be of equal value.
Any business activity, which has a financial implication, constitutes a transaction. When a transaction is entered or processed in the accounting system a credit is entered for each debit of equal value, and visa versa.