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Thread: year end crossover

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    year end crossover

    We have crossed over from using external accountants to doing it in house.
    They handed over the Pastel files last year in May and I have been doing the Monthly bookkeeping ever since they have now completed last years year end - how do i go about transfering all this info into my set of books?
    this might be a silly question? Im not used to the whole pastel system - I know enough to get by....We are in the process of looking for new accontantsto handle the year end etc going forward...

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    Platinum Member Neville Bailey's Avatar
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    Hi Jenna,

    Can I clarify my understanding of what you are saying?

    You have been processing the day-to-day transactions in Pastel since the beginning of the current financial year, and your accountants have now finalised the year ending February 2011. Do you now need to incorporate their final year-end balances into your Pastel database, so that your opening balances tie up with their's?

    Let me know if I have understood you correctly, or tell me where I have got it wrong, and we can take it from there.
    Neville Bailey - Pastel Accounting Consultant and Photographer
    neville@accountingsoftwaresupport.co.za
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    *** 20% DISCOUNT ON PASTEL XPRESS / PARTNER SOFTWARE UNTIL 15 DECEMBER 2017 ***

    "Give every person more in use value than you take from them in cash value."
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    Accounting is one of the most important, but most neglected areas in business.

    Because accounting is not revenue generating, business owners tend to skimp on cost and often appoint a data capturer as "bookkeeper" when they actually require an in house accountant. What they miss is the risk of wrong invoicing, wrong passing of credit notes, late VAT or tax returns (incurring penalties) etc. This can cost you much more than the few Rand you save by employing under qualified staff.

    You also can not manage a business without information. Regular management reports such as sales for the week, debtors and creditors, gross and net profit and cash book is vital information to run a business effectively.

    For small business owners who can not afford an in house accountant, my advice is to attend courses and to up skill yourself. Stay close to your accountant and ask for advice when in doubt.
    Excellence is not a skill; its an attitude...

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    @Neville - Yes correct, She has just completed Feb 2011's yearend. They obviously made various adjustments in completing that year end... Is there a simple process for getting this info and inputting it into my system? Or will i need to post all her ledger entries. I am not used to the pastel system so don't know all the tricks....

    @ BluRock - I have 3 Majors - One in accounting, one in finance and the other in Economics - but I studied these in order to be able to read AFS's not draw them up, never thought I would be in this position BUT Our previous accountant (who is a CA infact) stuffed up prior years - late payments to SARS as well as late returns filed - documentation missing or not filed etc, when i had a look at our records from SARS there was more payments for penalties and interest than anything else. Everything is now in order and SARS has finally been paid up - we are a very small business with a very uncomplicated accounting structure - no inventory, no foreign transactions etc. We are still trying to figure out why they got it so wrong....

    My main Job area is Production - I am just doing this in the interim.

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    Platinum Member Neville Bailey's Avatar
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    Quote Originally Posted by Jennajay View Post
    They obviously made various adjustments in completing that year end... Is there a simple process for getting this info and inputting it into my system? Or will i need to post all her ledger entries. I am not used to the pastel system so don't know all the tricks....
    There are two ways in which you can approach this.

    Option 1 is to recapture all their adjusting entries, as a prior year journal. This will be the preferred option as you will then have full details of what was adjusted.

    Option 2 is simpler. Get hold of the final TB from the accountants, and compare it line-for-line with the TB on your system, as at 28 Feb 2011. Then pass prior year debits and/or credits to get your closing balances to equal your accountant's closing balances.

    In order to process prior year journals, open the journal screen and then click on the Settings button below. On the pop-up screen, untick the box named "This Year Transactions", and then click Close. You should see the words "Last Year" in red at the bottom of the journal screen.

    If there were adjustments to the cashbook, or supplier accounts, or customer accounts, you will need to open the respective journal types - the rest of the GL adjustments can be done in a General Journal.

    After you have updated the journals, your opening balances, including Retained Income, will be adjusted.
    Neville Bailey - Pastel Accounting Consultant and Photographer
    neville@accountingsoftwaresupport.co.za
    www.accountingsoftwaresupport.co.za
    View Neville Bailey Photography

    *** 20% DISCOUNT ON PASTEL XPRESS / PARTNER SOFTWARE UNTIL 15 DECEMBER 2017 ***

    "Give every person more in use value than you take from them in cash value."
    WALLACE WATTLES (1860-1911)

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    Thank you so much Neville!! - because of our situation i think it would be best to go with option 1....

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    Silver Member geraldenek's Avatar
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    Jennajay - just be careful with option 1 as not all the journals the auditors/accountants wrote should be included in your journals. Just ask them which ones you should capture in pastel.
    Geraldene Kapp
    Professional Tax Help
    www.mytaxhelp.co.za

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    Thanks geraldenek will be sure to specify this with them...

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    Site Caretaker Dave A's Avatar
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    Quote Originally Posted by geraldenek View Post
    Jennajay - just be careful with option 1 as not all the journals the auditors/accountants wrote should be included in your journals. Just ask them which ones you should capture in pastel.
    Normally that's just the current portion of long term liabilities, isn't it?
    The trouble with opportunity is it normally comes dressed up as work.

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    Silver Member geraldenek's Avatar
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    no, were they write journals for input of movement on the tb or if they take out the previous year closing balances and input the current year closing balances
    Geraldene Kapp
    Professional Tax Help
    www.mytaxhelp.co.za

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