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Thread: Pastel question

  1. #1
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    Pastel question

    Hi

    Im a newbie to pastel and still trying to find my way thru the program.
    I process my petty cash thru the general journal.
    The thing that has me stumped is: I need to put in the opening balance for petty cash from the previous year end, but what would the contra-account be for that entry?
    Any ideas?

    Many Thanks

  2. #2
    Platinum Member Neville Bailey's Avatar
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    Hi and welcome!

    First thing: I would recommend that you set up your petty cash account as a cash book, rather than processing petty cash through a general journal. A cash book handles VAT far better.

    With regards to your question: I suggest that you use the Opening Balance / Suspense account as the contra account.
    Neville Bailey - Pastel Accounting Consultant and Photographer
    neville@accountingsoftwaresupport.co.za
    www.accountingsoftwaresupport.co.za
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    Hi I am using Pastel V14. I have noticed that there is a problem with our Exchange rate conversion for last year. The ZAR bank account is correct but the EURO (Home currency) amounts are incorrect. The exchange rates were updated correctly. As at 31 December 2015 the ZAR bank account reflects a balance of R287624.96 which is correct on Pastel but the EURO amount shows as 249807.06 which is incorrect it should be 17059.24. How can I fix this as all the the other conversions for USD,AUD and GBP is correct.

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