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Using TurboCASH

 







TurboCASH has created Sets of Books or templates, which you may use as a template when you create your own Set of Books. These Sets of Books are installed on your system when you have installed TurboCASH. All the necessary settings are already pre-set for your convenience.

In TurboCASH the chart of accounts that is created or selected and may be customised to suit your specific needs and should reflect the business activities of your business. All accounts in your chart of accounts must either linked to a Balance Sheet or Income Statement category.

It may be a good idea to print the Chart of Accounts and to check that the Chart of Accounts caters for all the accounts (Income, Expenses, Assets, Capital and Liabilities) for your business or organisation. You may create, edit or delete the chart of accounts to cater for your specific requirements.

The Chart of Accounts for the ExampleSA Set of Books is listed below and is split into the two parts i.e. Income Statement Accounts and Balance Sheet Accounts, for your convenience:

  1. Income / Expense Accounts on the Chart of Accounts

    The first part reflects the Income / Expense type of accounts, which is reported on the Income Statement:

    NETT PROFIT / NET LOSS = INCOME - EXPENSE ACCOUNTS

    Income Statement Financial Categories - (Income and Expenses):

    Account

    Description

    Account Group1

    Type

    G010

    Sales

    INCOME

    Inc / Exp

    G050

    Other Sales

    INCOME

    Inc / Exp

    G060

    Bad Debts Recovered

    OTHER INCOME

    Inc / Exp

    G065

    Cash Discount Received

    OTHER INCOME

    Inc / Exp

    G070

    Interest Received

    OTHER INCOME

    Inc / Exp

    G075

    Profit/Loss- Sale of Fixed Assets

    OTHER INCOME

    Inc / Exp

    G080

    Sundry Income

    OTHER INCOME

    Inc / Exp

    G100

    Cost of Sales

    COST OF SALES

    Inc / Exp

    G180

    Delivery Charges

    EXPENSES

    Inc / Exp

    G200

    Accountancy Fees

    EXPENSES

    Inc / Exp

    G205

    Advertising

    EXPENSES

    Inc / Exp

    G210

    Audit Fees

    EXPENSES

    Inc / Exp

    G215

    Bank Charges

    EXPENSES

    Inc / Exp

    G220

    Cleaning

    EXPENSES

    Inc / Exp

    G225

    Commissions Paid

    EXPENSES

    Inc / Exp

    G230

    Consultancy Fees

    EXPENSES

    Inc / Exp

    G235

    Depreciation

    EXPENSES

    Inc / Exp

    G240

    Entertainment

    EXPENSES

    Inc / Exp

    G245

    Finance Charges

    EXPENSES

    Inc / Exp

    G250

    Gifts and Donations

    EXPENSES

    Inc / Exp

    G254

    Insurances

    EXPENSES

    Inc / Exp

    G255

    Interest Paid

    EXPENSES

    Inc / Exp

    G260

    Legal Fees

    EXPENSES

    Inc / Exp

    G262

    Lights and Water

    EXPENSES

    Inc / Exp

    G265

    Medical Expenses

    EXPENSES

    Inc / Exp

    G270

    Motor Vehicle Expenses

    EXPENSES

    Inc / Exp

    G270001

    Fuel

    EXPENSES

    Inc / Exp

    G270002

    Motor Repairs

    EXPENSES

    Inc / Exp

    G270003

    Motor Costs Other

    EXPENSES

    Inc / Exp

    G275

    Printing Postage and Stationery

    EXPENSES

    Inc / Exp

    G280

    Repairs and Maintenance

    EXPENSES

    Inc / Exp

    G285

    Rent Paid

    EXPENSES

    Inc / Exp

    G290

    Salaries - Directors

    EXPENSES

    Inc / Exp

    G300

    Salaries - Staff

    EXPENSES

    Inc / Exp

    G305

    Salaries/Wages- Employers Contrib.

    EXPENSES

    Inc / Exp

    G310

    Subscriptions

    EXPENSES

    Inc / Exp

    G315

    Telephone and Fax

    EXPENSES

    Inc / Exp

    G320

    Travelling Expenses

    EXPENSES

    Inc / Exp

    G330

    Wages

    EXPENSES

    Inc / Exp

     

  2. Balance Sheet Accounts on the Chart of Accounts

The second part reflects the Balance Sheet (Assets, Capital and Liabilities) type of accounts, which is reported on the Balance Sheet:

CAPITAL = ASSETS - LIABILITIES

Balance Sheet Accounts - Financial Categories (Capital, Liabilities and Assets):

Account

Description

Account Group1

Type

G505

SHARE CAPITAL

CAPITAL

G510

RETAINED INCOME

CAPITAL

Retained Income

G550

Long Term Loans

LONG TERM LIABILITIES

G560

Instalment Sale - Creditors

LONG TERM LIABILITIES

G600

FURNITURE AND FITTINGS

FIXED ASSETS

G600010

Furniture and Fittings at Cost

FIXED ASSETS

G600020

Furniture/Fittings Accum Deprec

FIXED ASSETS

G620

OFFICE EQUIPMENT

FIXED ASSETS

G620010

Office Equipment at Cost

FIXED ASSETS

G620020

Office Equipment Accum Depreciation

FIXED ASSETS

G640

MOTOR VEHICLES

FIXED ASSETS

G640010

Motor Vehicles at Cost

FIXED ASSETS

G640020

Motor Vehicles Accum Depreciation

FIXED ASSETS

G700

DEBTORS CONTROL ACCOUNT

CURRENT ASSETS

Debtors Control

G730

DEPOSITS PAID

CURRENT ASSETS

G750

STOCK CONTROL ACCOUNT

CURRENT ASSETS

B810

CURRENT BANK ACCOUNT

CURRENT ASSETS

Bank Account

B820

PETTY CASH

CURRENT ASSETS

Bank Account

B840

CREDIT CARD

CURRENT LIABILITY

Bank Account

G900

CREDITORS CONTROL ACCOUNT

CURRENT LIABILITY

Creditors Control

G920

SALARIES CONTROL

CURRENT LIABILITY

G920001

Salaries

CURRENT LIABILITY

G920002

UIF Payable

CURRENT LIABILITY

G920003

PAYE Payable

CURRENT LIABILITY

G920004

Skills Development Levy

CURRENT LIABILITY

G950

VAT CONTROL ACCOUNT

CURRENT LIABILITY

T950001

Output (Sales) VAT 14%

CURRENT LIABILITY

Tax Account

T950002

Input VAT (Exp) - 14%

CURRENT LIABILITY

Tax Account

T950003

Zero Rated VAT - 0%

CURRENT LIABILITY

Tax Account

G950100

VAT PAYMENT ACCOUNT

CURRENT LIABILITY

G999

SUSPENSE ACCOUNT

CURRENT LIABILITY

A chart of accounts may be customised to suit your specific needs. You may change descriptions, add new accounts and sub-accounts. TurboCASH allows you to create up to 999 main accounts. For each of these main accounts you may also create up to 999 sub-accounts.