Sage Pastel • Overview of Entry Types

Sage Pastel • Overview of Entry Types

Overview of Entry Types

Overview of Entry Types

· General Ledger
The general ledger contains a set of accounts to record the financial activities of a company.

· Accounts
Accounts classify the financial activities of your company. This classification is useful for reporting and administration purposes. You can create main and sub accounts to obtain reports at a summary or detailed level.

· Balances
Each account contains balances. Pastel stores the balances for two financial years.

· Transactions
The accounts accumulate balances from transactions. A transaction is a specific financial event such as a single purchase from a supplier, a sale or processing of a credit note. For each transaction, you enter information that we analyse into the following types:

a)Balance Information
Indicates which account to update, in which period, and by what amount.

b)Audit information
For each account you need details to substantiate the source or destination of the amount. These include a date, reference number, cost code, and a description. As with balances, Pastel stores transactions for two financial years.

Thus, at any point within the two years, you can see a complete breakdown of each balance.

Entry Types

Within a given period, a company could process thousands of transactions. It is prudent accounting practice to analyse and classify these transactions.

This is what entry types do - they classify and analyse transactions. You classify entry types based on the nature, type or source of the transaction, such as cash books, general journals, sales, sales returns, purchases and so on.
Pastel lets you create entry types for many types of operations.

Therefore, even within each originating source, you can further classify the transaction. For example, instead of processing all your sales, invoices and credit notes using one entry type, you can create a separate entry type for each of these operations.

Generally, the more entry types you use, the more detailed and meaningful the transaction analysis and classification should be. You would be able to produce various reports showing balances or movements per entry type.

Comments ( 10 )

  • Anna Fischer

    Hi,
    I need to view Cash Book Transaction details, but when I “View”, “General Ledger Transactions” , and the cashbook account (say 8300/000) I only see conolodated entries and not inividual entries posted.
    PLEASE HELP. I URGENTLY NEED TO VIEW THE DETAILS WITH REGARD TO A FRAUD CASE.
    Thank you
    Anna

    • Hi
      Some advise… NEVER use the same reference number in the cash book.
      There is nothing more irritating than trying to work out what made up a consolidated entry.

      Go to View… General Ledger… Transactions…Entry Type details report.
      Choose the entry type ie Cash Book 01 Payment…and the correct date.
      This report will show you the break down of all the entries that you used for that same reference number.

      Bev

  • Please explain a consolidated entry and why it still reflects on statements??

    • You used the same reference number on each line of the cash book/journal you were using …
      NEVER use the same reference number in the cash book. This means all the entries added themselves up as one total.

      There is nothing more irritating than trying to work out what made up a consolidated entry.

      Go to View… General Ledger… Transactions…Entry Type details report.
      Choose the entry type ie Cash Book 01 Payment…and the correct date.
      This report will show you the break down of all the entries that you used for that same reference number.
      kr,
      Bev

    • Monique

      Hallo Bev,
      I made 100% sure that my entries do not have the same reference number but it still shows as consolidated entries. The entries I made earlier this month were done in exactly the same way and they do not come up as consolidated entries.
      Please help.

    • Hi Monique
      On my word, I have never seen that.
      If you are in your bank recon, are the whole lot bunched together with that black square block next to them?

  • Magdari

    Hi Bev
    Is it possible to setup inventory items to not be seen as sales, but some other GL account?
    If not, I can not find the setting that allows me to enter GL codes in the lines on my invoice. I only get types 1-5 and 7 (4 is inventory codes, 6 will allow GL codes and 7 is for remarks)

    • Magdari Wessels

      We are a “mother” company who receives some invoices for some of the other companies. This include radio advertises and a contract for the group with a telephone system and printer supplier.
      I invoice the other practices (we are an optometrist group) then for their parts of it.
      As the amounts are biggish, I want it to be deducted from (say) my telephone expenses or my advertising costs and I do not want it to be added to my sales (there is no profit on these, I simply re-invoice them because the invoices are made out to the “mother” company).
      If I simply create inventory items for these, it will be allocated to sales where I want some to credit for instance my Telephone GL account instead of sales.

    • Hi,
      I thought about your reply, over the last few days.

      I get what you are trying to do. You can use expense accounts in the document screen, and this will put them in the expense accounts.
      You cant use inventory items on the documents screen then.

      Or you can do a backup, and go to the integration screen and swop out the sales accounts for expense accounts.
      If you use supplier documents using inventory items, when you update, it’s going to update the COS account in the background.
      But this is not normal accounting, and you need to check how this would affect your debits and credits.
      You need your accountant to give you advice on what to do in this situation, I can only tell you what Pastel could do, not the accounting side.

      Bev

    • Hi,
      So I need more information, as there are ways to change the GL integration.
      Can you give me more info on this?
      Bev

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