TrueSight DIY Setup

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.