processing auction deposits into pastel cashbook

[PASTEL01]

Hi everyone,



the company I work for buys and sells vehicles (mostly trucks), they occasionally attend auctions which requires them to make an auction deposit before going. if they buy a vehicle the deposit sometimes goes towards the payment of the vehicle and if they don't ,the money is deposited bank into our bank account.


which GL account should I use to allocate our payments to when processing on my pastel cashbook(payments)?

and which GL account should I use when processing the payment of our deposits from the auctioneers if the return the payment by depositing it back into our bank account?

I am new at using pastel ,please try and assist me .

im using PASTEL XPRESS 2009.

[PASTEL01]

would anyone know a good suggestion?Please

Hi everyone,



the company I work for buys and sells vehicles (mostly trucks), they occasionally attend auctions which requires them to make an auction deposit before going. if they buy a vehicle the deposit sometimes goes towards the payment of the vehicle and if they don't ,the money is deposited bank into our bank account.


which GL account should I use to allocate our payments to when processing on my pastel cashbook(payments)?

and which GL account should I use when processing the payment of our deposits from the auctioneers if the return the payment by depositing it back into our bank account?

I am new at using pastel ,please try and assist me .

im using PASTEL XPRESS 2009.

[IanF]

Open a current asset account called auction deposits just keep it reconciled.

[PASTEL01]

thank you...would I be able to match the payment to a supplier invoice using this account?

[IanF]

Shoo I don't know the workings of matching in Pastel the other guys will chime in as they are the experts.

[Dave A]

thank you...would I be able to match the payment to a supplier invoice using this account?

Not a Pastel user myself, but at worst you could process it through a contra (banking) account.