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Thread: Pastel question

  1. #1
    New Member
    Join Date
    Nov 2012
    Cape Town
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    Pastel question


    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
    Join Date
    Nov 2010
    Morningside, Durban
    Thanked 401 Times in 348 Posts
    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
    IronTree Online Solutions
    View Neville Bailey Photography

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

  3. #3
    New Member
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    Apr 2016
    South Africa
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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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