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Thread: Correcting bank entries in prior year

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    Correcting bank entries in prior year

    Good Morning Team,

    We had processed bank charges(request of statements fee) in dec 2018, as per our bank statement. These charges were however queried with the bank because it was debited to our account wrongly. In the interim whilst waiting for the bank response, we did a year-end run of 2018 FY.

    We were under the impression that the bank will do reversal/credit our account in Jan 2019, BUT reversed the charges on the same date they had charged us (dec 2018). How do I account for these movements thats now affecting my expenditure and closing bank balance 2018 and opening bank balance 2019?

    Thanking you in advance!

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    My apologies for the omission... I am using Pastel Partner V18

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    Diamond Member Neville Bailey's Avatar
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    Open your cashbook payments journal, and then click on the Settings button at the bottom and untick the box named "This Year Transactions".

    You will then see the words "Last Year" appear in red below the journal.

    You can now process the reversal of the bank charges in December 2018, by inserting a minus sign in front of the amount.

    Once you update the journal, your opening bank balance for this year will be changed, as well as the opening retained income balance.
    Neville Bailey - Sage Pastel Accounting Consultant
    Phone: 031 521 0080 or 087 095 7895
    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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    Thank you very much Neville! Thank you...I will then have to re-do my bank recon of Dec 2018, right? Your response much appreciated.

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    Nakwila - remember to also process the entries in your prior year database that you rolled over - i.e. Company18 after you have done the in the Company19 as a last year entry, to maintain the integrity between the sets of books.

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    Well noted Kevin, thank you!

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