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Thread: Pastel Partner - No Tax type chosen in Cashbooks

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    Pastel Partner - No Tax type chosen in Cashbooks

    Hi All

    I am a newby here and in desperate need of some help.

    I had a look at my tax type report and realised that the only tax reflecting involved the sales and cost of sales and excluded ALL expenses. After much searching I have realised that I had been processing cashbooks for some time without having check the Tax Processing block in Cashbook settings, hence no expenses have had their Tax allocated.

    I have done quite a lot of work and cannot restore, so the only option for me is to recapture these expense payments in a journal. My question is though, what journal do I use, what do I do regarding tax allocation and what contra-accounts do I use?

    Do I have to journal the payments and then re-enter to avoid using the contra account?

    I feel like a real dummy, as its such a simple but disastrous mistake.

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    Platinum Member Neville Bailey's Avatar
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    Hi Courtney,

    I am sorry about your situation - I don't envy you at all!

    The best way to rectify the situation is as follows:

    Enable the tax column. Then recapture the cashbook payments in the cashbook payments journal, exactly the way you originally captured them, with two exceptions - leave the tax code as 00 and insert a minus sign in front of the amount. This will effectively reverse the original entries.

    Don't update the above batch yet. Now export the batch (go to the Batch button and select Export, and use a file name of your choice).

    Then, with the batch still open, import the file that you have just exported. Your batch will now have a duplicate of the entries you recaptured.

    Now edit the duplicated entries by changing the tax code to 01 and removing the minus sign in front of the amounts.

    Update the batch - problem solved!

    As always, do a backup beforehand, in case things go pear shaped.
    Neville Bailey - Pastel Accounting Consultant and Photographer
    neville@accountingsoftwaresupport.co.za
    www.accountingsoftwaresupport.co.za
    View Neville Bailey Photography

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

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    CourtneyC (10-Oct-12)

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    Hi Neville

    Thanks so much for the help.
    I will give it a try, and let you know!

    Wish me luck!

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