Can anyone suggest the best way to enter adjusting journal entries from the 2015 FY when my current Pastel file only goes back to the 2016 FY?
Can anyone suggest the best way to enter adjusting journal entries from the 2015 FY when my current Pastel file only goes back to the 2016 FY?
Just to clarify, your current Pastel company's year-end runs from 1 March 2016 to 28 February 2017 and you have access to the prior year, running from 1 March 2015 to 28 February 2016? And you want to process entries for the year ending 28 February 2015?
If this is correct, then I suggest that you process all Balance Sheet related entries, as Last Year entries, dated 1 March 2015, in the retrospective Balance Sheet GL accounts, and all Income Statement related entries, as Last Year entries, dated 1 March 2015, against the Retained Income GL account.
The above will distort the figures for March 2015, as the entries should technically be included in the opening balance as at 1 March 2015, rather than in March 2015, but the cumulative figures as at February 2016 and February 2017 will be correct.
Neville Bailey - Sage Pastel Accounting Consultant
www.accountingsoftwaresupport.co.za
neville@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)
Thank you. That's exactly what I now intend doing. Just needed clarification
Did you like this article? Share it with your favourite social network.