Accountants

Double Entry Accounting Software Free
Double Entry Accounting Software For Small Business
Double Entry Accounting Software Free

Get your IFRS and GAAP reports from the World's leading open source accounting software for SMEs. 2 Million downloads, 80 countries, 25 Languages.

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Using Accounting Software. Most accounting software for business uses double-entry accounting; without that feature, an accountant would have difficulty tracking information such as inventory and accounts payable and preparing year-end and tax records. Double Entry Accounting Basis. When the transactions have occurred accounts effects on two sides and it will equal. One is debit accounts and another is credit accounts. A journal entry has recorded in the first steps in this system. In the journal, entry debit is shows in left side and credit is shown on the right side and both sides are equal.

Small Business

TurboCASH 5 is a modern Desktop General Ledger, Cash Book, Stock, Debtors, Creditors, Invoicing that runs on batch driven double entry accounting standards. Every business needs one.

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Double Entry Accounting Software Free

What is TurboCASH

And what it isn't
A quick video introduction to what open source double entry accounting software is
and why every business needs a genral ledger.

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Run Anywhere. TurboCASH starts as a single-user desktop application. Enter journals and documents. You can expand to include multiple users. Then you are not bound to your desktop.

Your TurboCASH Annual Subscription lets you run on your Desktop and on Amazon Web Services, Microsoft Azure or any Windows Cloud Delivery to give you secure global access. You may just wish to use TurboCASH Open Source Double Entry Accounting Software on your desktop where you have full control.

Configure for your Language. It'll blow your mind.

If you consider that the USA is like 50 different tax regimes, TurboCASH can handle them all. Each user can get different styles of reports and invoices in different languages or terminology. Run as many companies as your hard disk can hold. Get all the documentation and Help files you need to become a working accountant.

Double Entry Accounting Software For Small Business

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TurboCASH Open Source Double Entry Accounting Software is a serious Business Accounting Application. offline accounting free download. Run your Business professionally and interact optimally with shareholders, customers and suppliers. Become financially focused, for a fool and his capital are soon parted.

Double Entry Accounting Software Free

When a business first decides to use a double entry bookkeeping system it needs to record an opening entry in the ledger using the general journal.

The opening entry will vary from business to business depending on the contents of its opening balance sheet.

Opening Entry Example

Suppose a business has been in operation for a number of years and has decided to start operating a double entry bookkeeping system.

Using its current accounting records which are kept on a single entry basis, it determines that its assets and liabilities are as follows.

Opening Assets
Account
Cash	500
Inventory	2,000
Accounts receivable	4,000
Property	50,000
Plant and equipment	7,000
Total	63,500

Opening Liabilities
Account
Accounts payable	2,750
Loan	40,000
Total	42,750

Using the accounting equation the equity of the business can now be established

The owner of the business has injected capital amounting to 6,000 when the business started and the retained earning to date are calculated as follows.

Opening Balance Journal Entry

The opening entry can now be recorded in the ledger using the general ledger journal.

The opening balance entry is as follows.

Opening Entry in General Journal
Account	Debit	Credit
Cash	500
Inventory	2,000
Accounts receivable	4,000
Property	50,000
Plant and equipment	7,000
Accounts payable	2,750
Loan	40,000
Capital	6,000
Retained earnings	14,750
Total	63,500	63,500

The journal records the assets, liabilities and equity of the business in the general ledger as opening balances. Subsequent transactions for the accounting period can now be entered in the usual manner.

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The Accounting Equation

The accounting equation, Assets = Liabilities + Equity means that the total assets of the business are always equal to the total liabilities plus the equity of the business. This is true at any time and applies to each transaction.

For this opening entry transaction the accounting equation is shown in the following table.

On the left hand side of the accounting equation the assets increase by 63,500. This is matched on the right hand side by an increase in liabilities of 42,750, an increase in equity of 20,750.

New Business Opening Entry Journal Example

A specific example of an opening journal entry is that of a new business formed by a founder purchasing shares for cash.

Suppose the founder starts a new business with an opening share capital of 100. To purchase the shares the founder must pay the business 100 in cash.

The opening journal entry for the new business is as follows.

New Business Opening Entry in the General Journal
Account	Debit	Credit
Cash