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Thread: How to record opening balance

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    How to record opening balance

    Hi,

    we have started using Pastel xpress this month, so I need help on recording opening balance(that's was carried over from august 2016) you get from the bank statement.

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    Platinum Member Neville Bailey's Avatar
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    If the opening balance was favorable, process a cashbook receipts journal on 31 August 2016 for the amount of the opening balance and allocate it to 9990/000 (Opening Balance/Suspense Account).

    If the opening balance was unfavourable, do the same as a cashbook payments journal.
    Neville Bailey - Pastel Accounting Consultant and Photographer
    neville@accountingsoftwaresupport.co.za
    www.accountingsoftwaresupport.co.za
    View Neville Bailey Photography

    "Give every person more in use value than you take from them in cash value."
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