Free Accounting Software - TurboCASH Open Source Accounting Software UK

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:

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

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.

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