PASTEL PARTNER - Take on Balances

[Bheesham]

I really need your help please!

Right now I have already started the financial year of 2012 (01 Jan 2012 - 31 Dec 2012) in PASTEL; but, I need to insert the opening balance, that is, the TB as at 31 Dec 2011 (only the balance sheet items). Can anyone explain me how to proceed? please note that the following should be taken into consideration:-

1. I have a long list of debtors => [for this issue, can you explain me how to import these list via excel, a template please]
2. Also I have a long list of suppliers => [for this issue, can you explain me how to import these list via excel, a template please]
3. And a long list of inventories => [for this issue, can you explain me how to import these list via excel, a template please]

Furthermore, I understand that i have to create the following codes first, but how to classify them???:-

Account Description
9999/000 Take-on ==> must i leave it unallocated Balance sheet, if not, under which sub heading then???
9999/001 General Ledger ==> must i leave it unallocated Balance sheet, if not, under which sub heading then???
9999/002 Customers ==> I guess it's Accounts Receivables
9999/003 Suppliers ==> I guess it's Accounts Payables
9999/004 Inventory => Inventory

Please help me as i need to finalise the accounts ASAP.

Thanks a lot in advance

Rgds
Bheesham

[Neville Bailey]

I need to insert the opening balance, that is, the TB as at 31 Dec 2011 (only the balance sheet items). Can anyone explain me how to proceed?

You will need to process a cashbook journal for each cashbook, a customer journal for each customer account, a supplier journal for each supplier account and an inventory journal for each stock item.

In each of the above journals, you need to process them as a prior year journal, so that the amounts reflect as opening balances in this financial year. For each journal (except the inventory journal), click on the Settings button at the bottom of the journal and then untick the option "This Year Transactions", and then click on Close. You will then see the words "Last Year" in red at the bottom of the journal screen. In the case of the inventory journal, click on the drop-down box in the Period field and then scroll to the very top and select "December Last Year".

For the cashbook journals, process a payments cashbook journal for an unfavourable take-on balance, or a receipts cashbook journal for a favourable take-on balance.

In all of the above journals, use 9990/000 as the contra account.

1. I have a long list of debtors => [for this issue, can you explain me how to import these list via excel, a template please]
2. Also I have a long list of suppliers => [for this issue, can you explain me how to import these list via excel, a template please]

I can send you a template CSV file for each of these journals, but you can create one yourself quite easily. Process one line item for the customer journal manually, and then click on Batch...Export to export the batch. You need to export it as a CSV file, so make sure you name the exported file with the file extension of .CSV. Then you can open the CSV file in Excel and populate it with the rest of your customers. Once populated, save the CSV file and then open the journal screen, delete the manual entry and then go to Batch...Import and select the CSV file (make sure that the journal is set for Last Year first). Do the same for the supplier journal.

If you want to take-on opening balances with the correct ageing, then it is a bit more involved - let me know if you want to do so, and I will explain the process. Otherwise, use period 12 of last year.

3. And a long list of inventories => [for this issue, can you explain me how to import these list via excel, a template please]

Once again, create a manual entry in an inventory journal, then click on Batch...Export and save the exported file as a CSV file, edit it with your other stock items and then import the CSV file.

Furthermore, I understand that i have to create the following codes first, but how to classify them???:-

Account Description
9999/000 Take-on ==> must i leave it unallocated Balance sheet, if not, under which sub heading then???
9999/001 General Ledger ==> must i leave it unallocated Balance sheet, if not, under which sub heading then???
9999/002 Customers ==> I guess it's Accounts Receivables
9999/003 Suppliers ==> I guess it's Accounts Payables
9999/004 Inventory => Inventory

Quite honestly, I would simply use 9990/000, and not bother with creating sub-accounts as you have described above. Assign the account to Other Current Liabilities or whatever you choose, but it doesn't matter, as the account should zero out if you have taken on the opening balances correctly.

[Bheesham]

Dear Neville,

Thanks a lot for your simplest explanation, any layman can use same! Indeed if only the PASTEL team here in Mauritius was as efficient as you are over there!

Thanks again!

Regards
Bheesham

[Neville Bailey]

My pleasure, and thank you for your kind words.

For your information, I can provide remote support for your Pastel system, using TeamViewer. If you want to take advantage of my services, please go to my site and fill in your particulars on my online form, so that I can open an account for you.