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Thread: Pastel Cashbook Payments to incorrect account code year end Feb 2012

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    Pastel Cashbook Payments to incorrect account code year end Feb 2012

    I have posted 4 cashbook payments in 2011 to e.g. account code 350/000, instead of e.g. 535/00.
    In our financial statements it stands out like a sore thumb. I am still a novice with Pastel.
    How do I correct this please?

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    Bronze Member Elijah's Avatar
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    Hi, the 4 transactions that are incorrect, enter them again in the payments cashbook in exactly the same same as before [same period, acc code, date], except this time with a minus. Then enter the 4 transaction using the correct account number i.e 535/000

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    Thank you Elijah! Why do I always contemplate the more difficult solutions (like Journal entries) instead of the short and simple?!

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    Gold Member vieome's Avatar
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    It is never a good idea to use a minus in your cash book. The double entry principal states that for debit there is a credit. If you want to reduce an account with a debit balance you have to credit the account. So to correct your accounts do a cash receipt to the account that you put the payment to do, and then do a payment to the correct account.

    e.g receipt to account 350/ and the pmt to account 535/

    however if these were payments to supplier accounts you will have to pass journals

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    Bronze Member Elijah's Avatar
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    I beg to differ, there are many ways to skin a cat. We all know abt the very basic double entry principle. The outcome is the same. Yours is a valid alternative.

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    Gold Member vieome's Avatar
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    I agree there are many ways to skin a cat, but in Accounts we always have to follow the accounting principles, and Pastel is built using the accounting principles. if one gets in the habit of using a minus in the cash book the result may seem the same when making payments to GL accounts but when ones does it with Supplier and Customer accounts, you will find your matching open item and age analysis really messed up. The very basic double entry is the basis of accounts like the foundation of a house, mess with it and the whole system collapses.

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    Bronze Member Elijah's Avatar
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    Absolutely agree with you regarding supplier and customer accounts, but with GL accounts the effect is exactly the same and if you dealing with 100's or more transactions, vacillating between payments and receipts can result in alot of time wasting. I haven't used any other accounting package that employs the "minus functionality". When I first used pastel, I really didnt like this function as it went against my theoretical training, but soon realised it's practical use.

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