Results 1 to 2 of 2

Thread: Pastel Inventory Journal

  1. #1
    New Member
    Join Date
    Oct 2016
    Location
    VANDERBIJLPARK (CBD)
    Posts
    3
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Pastel Inventory Journal

    Hi everyone

    I am working on Pastel 14 and needed to process a journal for inventory that the owner took for his personal use.

    I did an inventory journal (not a general journal), in order to adjust the specific inventory item accordingly. But when doing this journal, it didn't take any VAT into consideration. I cannot do a general journal for just the VAT amount to rectify this, as you cannot post into the VAT control account.

    Is there any way I can fix this in order to process the VAT for the specific transaction?

    Thank you
    Riana

  2. #2
    Diamond Member Neville Bailey's Avatar
    Join Date
    Nov 2010
    Location
    Westville, Durban
    Posts
    2,760
    Thanks
    44
    Thanked 451 Times in 396 Posts
    In hindsight, instead of processing an inventory journal, I would have processed a Tax Invoice to sell the inventory to the owner.

    This would have accounted for the inventory movement as well as the VAT.

    If you want, you could process a customer journal, crediting the owner's customer account and debiting the owner's loan account, if the owner is not planning to pay for the inventory in the short-term.
    Neville Bailey - Sage Pastel Accounting Consultant
    www.accountingsoftwaresupport.co.za
    neville@accountingsoftwaresupport.co.za
    IronTree Online Solutions

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

Similar Threads

  1. [Article] Pastel Accounting Tip: Journal Contras
    By Neville Bailey in forum Accounting Forum
    Replies: 12
    Last Post: 25-Apr-23, 09:21 AM
  2. [Question] Importing Inventory Journal errors
    By wilsnachjh in forum Accounting Forum
    Replies: 1
    Last Post: 01-Mar-18, 08:54 PM
  3. [Question] Pastel Sales Journal
    By Dientjie in forum Accounting Forum
    Replies: 5
    Last Post: 17-Jun-15, 01:27 PM
  4. [Question] Journal posting in pastel v11
    By kabaye in forum Accounting Forum
    Replies: 6
    Last Post: 06-May-14, 03:01 PM
  5. [Question] Inventory journal entry on Pastel
    By Jackievdw in forum Accounting Forum
    Replies: 5
    Last Post: 19-Jul-13, 09:07 AM

Did you like this article? Share it with your favourite social network.

Did you like this article? Share it with your favourite social network.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •