[Question] Year End Roll Over Pastel Express V11

[Debbie Mitchell]

Hi Everybody

I am looking for a little guidance and basic advice regarding rolling over of the financial year end in Pastel Express V11

I usually receive all the outstanding supplier invoices for Feb by the 20th March so I usually wait till around the end of March to roll over the financial year (we are a very small business) and then print the provisional Trial Balance before processing anything in the new year.

We receive a monthly account from Eskom and the March account then reflects the interest earned on the deposit at the financial year end, I usually process this in a journal entry prior to running the year end.

We have a problem with our Eskom account this year where they charged us millions of Rands on an account that doesn't exceed R 7000.00 and have been told it will take months to rectify as it has to go to the top of Eskom to get approval and have the account reversed.

If we are lucky we receive the interest certificate in June which reflects the interest earned so this is my question:

If I close the year end and roll over to the new financial year Can I just process the interest earned in the Journal Entry under "last year" 29th Feb under the settings tab when I receive the certificates like I would when I do the Trial Balance Adjustments after the financials have been compiled?

Would this be an acceptable accounting practice?

Sorry for the basic question but I would rather get it right first time then have to make any further amendments at a later date.

Thanks In Advance

[Kevin Smith]

Yes. That is the correct procedure to follow. Reminder that you would need to process the entry in both your 2020 database as a current entry, and in the rolled over books as a prior year entry, to ensure the figures balance for historical purposes.

[Debbie Mitchell]

Hi Kevin

Thank You for your reply and confirming that that is the correct procedure.

Would you mind clarifying what you mean by "process the entry in both your 2020 database as a current entry, and in the rolled over books as a prior year entry, to ensure the figures balance for historical purposes."

I was under the impression that if I processed something as "last year it will pull through the balances into the new financial year or am I completely missing the bus on what you are trying to say?