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TrueSight DIY Setup

TrueSight DIY Setup. Throughput Bank Account. Use your current business account as the Throughput Account. The overdraft facility must be on this account This account is used for all sales income and all truly variable costs (TVC) transactions only.

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TrueSight DIY Setup

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  1. TrueSight DIY Setup Throughput Bank Account • Use your current business account as the Throughput Account. • The overdraft facility must be on this account • This account is used for all sales income and all truly variable costs (TVC) transactions only. • TVC are raw material costs that are directly attributable to each sale for example if your business is a restaurant, then your TVC includes all your food costs. Transfer Direct Debits • Do the same for direct debits as for auto payments. • Follow up one week from changeover to ensure that all direct debits have been properly transferred. Commitments Bank Account • Setup a new bank account for the Commitments Account. • This account is used for all transactions related to the money you spend if your doors were open but no customers came in. • Examples include rent, wages & salaries, operational expenses, drawings, loan repayments, insurance, PAYE, GST, Provisional Tax, new asset purchases (if known), other. Weekly Commitments • Complete Commitments Transfer Worksheet for first one-off transfer and weekly auto transfers to the Commitments Account. • Where you have multiple revenue streams, prepare Commitments Transfer Worksheet for each revenue stream. Transfer Auto Payments • From the Throughput Account, select all auto payments that are commitment expenses and re-assign the Commitments Account. • I.e. delete all auto payments that are not TVC from the Throughput Account and reset these in the Commitments Account. Accounting Package • Follow Accounting Package Amendment Worksheet to update your accounting software.

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