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Thread: Adjusting Ledger account

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    Unhappy Adjusting Ledger account

    Hi

    Hope everyone is well

    A ledger account was paid independently (nothing to do with the bank/cash account set up on pastel) now how do I make the adjustment to the ledger account?
    On pastel Via which journal entry type?
    And against which contra account?


    Hope this makes sense?

  2. #2
    Site Caretaker Dave A's Avatar
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    I think we're going to need more detail to give any guidance. How exactly was it "paid"? A contra or via loan account perhaps?
    The trouble with opportunity is it normally comes dressed up as work.

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    Question

    Quote Originally Posted by Dave A View Post
    I think we're going to need more detail to give any guidance. How exactly was it "paid"? A contra or via loan account perhaps?
    Hi Dave

    The ledger account was paid by a third party as a loan. In other words, the cash did not enter the bank controlled on pastel. The cash payment only affected the ledger account.

    Hope this explains it.

    Thank you.

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    If you bought a vehicle, for example, the journal would look as follows:

    Dt Motor vehicle @ cost
    Kt Loan Bank ABC

    You would use the general journal entry type.

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    If you have an account which was paid via a loan from a third party then this account would have a credit balance (amount owing). Set up an account for the third party, debit the ledger account that has been paid and credit the third party's account. Use General Ledger Entry type as suggested by dellatjie

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