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Thread: Take on balances

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    Take on balances

    Hi
    I need to capture take on balances for a new company. The problem is that the company did not provide a trial balance, but only provided the balances for customers, suppliers, bank and petty cash. I know by only processing these balances it will leave the suspense account with a balance at the end. Any advice as to how I can solve this issue?

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    Site Caretaker Dave A's Avatar
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    My suggestion is to leave it like that until the rest of the figures arrive.
    The trouble with opportunity is it normally comes dressed up as work.

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    Hi,

    My name is Lisa and have just joined the forum.

    I have a question and desperately need help.

    When I started a new company in Pastel, I ran a trial balance from the previous company and used those balances for the take on balance (opening balances) for the new company, however should I have a take on balance in my balance sheet?

    Any guidelines will be so appreciated

    Thanks

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    HI PLEASE CAN U ASSIST I NEED TO TAKE ON BALANCE SHEET FIGURES, HOW DO I GO ABOUT IT.

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    Mkbhana,

    In Pastel, you would go to general journal, using the suspense account or an opening balances account and the contra accounts as on the trial balance (for instance motor vehicles at cost).

    You have to, however, process your suppliers through a supplier journal, customers through a customer journal, and bank balances through a cashbook. For this reason your journal in the general journal will not balance, it will differ with these figures.

    If this method confuses you, you can perhaps first allocate these balances against a seperate account (maybe an account named opening balances), and once your general journal balances, take these opening balances out with a supplier journal, customer journal and cashbook.

    Hope this helps..

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