VAT Control Account opening balance in Pastel

[gcbsouth]

We have started a new set of accounts on 01/03/2016. However the 2016 year end was only done quite late and with the resuld we did not start off by putting the balance sheet balances in first. Now I am struggling to it put into Pastel. I do have the take on balances instructions from Pastel but I still seem to be struggling with the Vat Control Acc balance. Can anyone assist me please.
Up until now we have not produced management accounts at the end of every month only at the end of the financial year.

[ulbricht]

Good day

kindly explain "struggling with the Vat Control Acc".

[gcbsouth]

Good day Ulbricht
Thank you for responding

We have started a new set of accounts. The 2016 year end was completed quite late and I continued with the 2017 cash book and invoicing. Now I need to insert the 2016 year end balances. I am struggling with the VAT Control A/C. I did a general journal as follows; Dr 9990/004-general ledger (bank)
Cr 9500/000-vat control
DR 1000/000-fee income
Cr 1000/000-fee income
It worked for inserting the balance into the VAT control but is it the correct way.

I have another question with regard to the 2016 year end: the Accumulated Funds/deficit and capital account balances did not put through to the trial balance. In my understanding it should pull through. The trial balance balances though. Can anyone explain why this happens. This has never happened previously.

[Andromeda]

You should print the general ledger for the year and agree the closing balances to the trial balance. There should be no differences, and if there are then your data is corrupt.

Next step is examine the trial balance for anomalies, such as

the Accumulated Funds/deficit and capital account balances did not put through to the trial balance.

Examine the entries for those accounts in the general ledger to see why the unexpected result has occurred. Remember the balances now agree with trial balance ......

[ulbricht]

Good day

When taking on a balancing TB, it is advisable to create a Suspense Take On account and contra all your take on entries with this account, at the end of the day it should come to zero (balance) because your DR and CR will write off each other (from the balancing TB).

In your instance, the correct entries would have been CR 9500/000 and DR Take-On A/c.

[gcbsouth]

Cellular Phone as an asset

Good day Everyone

I need to allocate a cellular phone as an asset as it is used for work purposes and personal use. The client is doctor so the phone is used mostly for business. I know SARS allows a write off period of 2 years. My question is what do I call the asset account. Is one allowed to call it Other Assets. Thank you for your assistance.