Sage Pastel • Guide to Pastel Taking On Opening balances

Sage Pastel • Guide to Pastel Taking On Opening balances

Quick Guide to Opening Balances

STEP 1 - EDIT... GENERAL LEDGER... ACCOUNTS
The first thing that you are going to do is create the following sub-accounts under the main Opening Balances account:
ACCOUNT NUMBER
9990/000 - Opening Balance / Suspence account

9990/001 Opening Balance - General Ledger
9990/002 Opening Balance - Customers
9990/003 Opening Balance - Suppliers
9990/004 Opening Balance - Inventory

STEP 2 - PROCESS...JOURNALS...GENERAL JOURNAL
GOT TO SETUP.... TAKE OUT THE TICK FOR "THIS YEAR"
Make sure that Tax Processing is also unselected!

You wish to only capture the balances from your CLOSING trial balance. You will be capturing the closing balances on the last day of the previous financial year. This will ensure that the balance is not generated as an activity in the current financial year.

STEP 3 - PROCESS...JOURNALS...CUSTOMER JOURNAL
GOT TO SETUP.... TAKE OUT THE TICK FOR "THIS YEAR"
Make sure that Tax Processing is also unselected!

Take on YOUR opening Balances as per the Customer Age Analysis as per YOUR LAST YEAR REPORT

(See example below)

PER DATE ACCOUNT REF  DESCRIPTION  DEBIT CREDIT CONTRA ACC
 12  28/02/20xx  LMN001  OB001  Opening Balance  ??.00  9990/002
 12  28/02/20xx  OPQ001  OB002  Opening Balance  ??.00  9990/002

THE TOTAL OF THIS BATCH MUST BE IDENTICAL TO YOUR CUSTOMER AGE ANALYSIS
THE TOTAL OF THIS BATCH MUST BE IDENTICAL TO YOUR CUSTOMER CONTROL ACCOUNT ON YOUR LAST YEAR TRIAL BALANCE 8000/000

STEP 4 - PROCESS...JOURNALS...SUPPLIER JOURNAL
GOT TO SETUP.... TAKE OUT THE TICK FOR "THIS YEAR"
Make sure that Tax Processing is also unselected!

Take on YOUR opening Balances as per the Supplier Age Analysis as per YOUR LAST YEAR REPORT

(See example below)

PER DATE ACCOUNT REF  DESCRIPTION  DEBIT CREDIT CONTRA ACC
 12  28/02/20xx  ABC001  OB001  Opening Balance  ??.00  9990/003
 12  28/02/20xx  DEF001  OB002  Opening Balance  ??.00  9990/003

THE TOTAL OF THIS BATCH MUST BE IDENTICAL TO YOUR SUPPLIER AGE ANALYSIS
THE TOTAL OF THIS BATCH MUST BE IDENTICAL TO YOUR SUPPLIER CONTROL ACCOUNT ON YOUR LAST YEAR TRIAL BALANCE 9000/000

STEP 5 - PROCESS... INVENTORY JOURNAL
SELECT THE MONTH OF THE PRIOR FINANCIAL YEAR.... example = it usually is 28 February.
Take on the Inventory Balances as per your stock take - using the correct cost prices

 CODE NARATION DATE REF IN OUT UNIT COST CONTRA
 A  TOOL A  28/02/20xx  OB001  100  EA  ??.00  9990/004
 B TOOL B  28/02/20xx  OB002  500  EA  ??.00  9990/004

STEP 6 - PROCESS... CASH BOOK
Enter the Cash Book take on balance into YOUR cash book 8400/000
Use the reference number ZZZZZZZ

PER DATE AGCS REF  DESCRIPTION  DEBIT CREDIT CONTRA ACC
 12  28/02/20xx  G  zzzzzzz  Opening Balance ??.00  ??.00  9990/001

Sage 50cloud Pastel (ZA) - How do I take on balances?

In this video you will learn how to take on balance when starting a new company using Sage Pastel Accounting.

Comments ( 2 )

  • Jo

    Hi
    I am looking for some help. I have just started a new company in pastel. I do need to do the Feb 2017 financials but at this stage my priority is my March/April vat return. In order to do this I need an opening bank balance so that I can do a bank recon. Is there anyway I can enter the bank statement at 28 Feb 2017 for now.
    Many thanks

    • Hi Jo
      Yes, as long as you know it must be reversed. Then entered as a “last year” entry.
      Else it will mess up your whole bank recon later on if you forget.

      kr,
      Bev

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