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Thread: Pastel Inventory Journal

  1. #1
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    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
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    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
    neville@accountingsoftwaresupport.co.za
    www.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)

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