Opening balances

[Natalie Forbes]

Neville I have followed this thread as I need to take on the balances in the cashbooks for the charity that I volunteer at. The problem is that "this years transactions" is greyed out in the cashbook settings. Is it because it's a new set of books and there are no previous years transactions? Where would I go to make the tick box functional? I am using Xpress.

[Neville Bailey]

Neville I have followed this thread as I need to take on the balances in the cashbooks for the charity that I volunteer at. The problem is that "this years transactions" is greyed out in the cashbook settings. Is it because it's a new set of books and there are no previous years transactions? Where would I go to make the tick box functional? I am using Xpress.

Hi Natalie,

I assume that the batch is empty? The "This Year Transactions" box will grey out if there are entries in the batch.

The other possible reason for the box being greyed out is that you might be logging on without supervisor access rights, or your user profile has disallowed you to process prior year transactions. Can you access the Setup...Users/Passwords menu?

[Mike C]

Hi Natalie - I have quoted some of Neville's earlier post here just to help.

If the new financial year starts on 1 March 2014, and you have closing balances as at 28 February 2013 that you want to take on, then open the General Journal, go to the Settings button at the bottom, and untick the box named "This Year Transactions", then click on Close. You will then see the words "Last Year" in red at the bottom of the journal. Now, select period 12 of last year, and capture the entries there using ledger account 9990/000 "Take on Balances"

Could it be that you went to the Cash Book rather than the Journals and opened "Settings"? If that is so, then the reason why "This years transactions" is greyed out is because the cash book is already ready to accept info for this year.

[JoyceSivha]

Hi Neville we just bought pastel and the Co did not have a system so i am capturing each customer\suppliers opening balances using the statement of the last month of the last financial year? is this ok?

[Zahz]

Hi guys, I'm new to pastel and need help on how to do the take on balance for my new company

My activity says - create 4 sub accounts required for take on opening balances

I have created
Suppliers -9990-003
Customers- 9990-002
Inventory- 9990 -sub account 004
General ledger 9990-sub account 001

The next step says ' process but do not update the general journal to take on the trial balances using the appropriate opening balance sub accounts

Trial balance
31 July 2016

Retained income - CR 299673,04
Share capital - CR 1 500 000
Land and building cost- DR 1 000 000
Computer equip cost- DR 55000
Computer equipment accum depr - CR 32670
Furniture cost - DR 48570
Furniture accum depr - CR 8742,60
Training equip - DR 1000000
Training equip accum depr - Cr 45000
Current account - Dr 296256,06
Petty cash- Dr 8300
Inventory control - Dr 312 600
Customer control - Dr 430 040.20
Supplier control - Cr 349 698,87
Vat control - Cr 14 981,75

The DR and CR balances

How do I go about doing this on Pastel?

Next step says print the journal without contras

Update th journal bath

Looking forward to your help

Thanks

[mschickerling]

Hi Neville

I need your help. I only have the bank statement for February of the previous year and no trial balance. How do I take on the balance for the new year? I cannot process journals with the trial balance as there are none? Only bank statement

Hi Holger,

You need to process either a cashbook payments journal (for an unfavourable opening balance) or a cashbook receipts journal (for a favourable opening balance) and allocate the transaction to the Suspense account.