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Thread: cashbook and bank rec basics

  1. #1
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    cashbook and bank rec basics

    Hi Everyone

    I am looking for pastel xpress basics. I am new to pastel and my company installed it last week.

    I need to capture all the information in the cashbook. Where do i start so that my bank reconciliation will reconcile. I do not want to make mistakes from the start.

    A step by step way of doing it will be greatly appreciated.

    Please help

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    Diamond Member Mike C's Avatar
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    Hi manob - You ask a very broad question.

    Perhaps it will help doing it question by question because one doesn't want to be over simple, nor assume too much. So here is a start.

    When does your company's financial year run from?
    Do you have to do "take-on" balances from the previous financial year?
    Is your company a VAT vendor?
    No act of kindness, no matter how small, is ever wasted. - Aesop "The Lion and the Mouse"

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    Quote Originally Posted by Mike C View Post
    Hi manob - You ask a very broad question.

    Perhaps it will help doing it question by question because one doesn't want to be over simple, nor assume too much. So here is a start.

    When does your company's financial year run from?
    Do you have to do "take-on" balances from the previous financial year?
    Is your company a VAT vendor?

    hi Mike

    its a new company which started operating in October 2014.
    yes, the company is a VAT vendor.

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    Diamond Member Mike C's Avatar
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    Have you set up your company correctly with respect to formats (decimal rather than comma) in the "Setup company parameters"?

    Do you have more than one Cash Book, and if so, have you set those up?

    Have you set up the periods that you are going to work from un the "Setup Periods" screen?

    Have you set up your Tax types in the "Setup Tax" screen?

    Once you are happy with the setup, then you should be ready to begin processing.

    But First! Backup is a wonderful and very handy item. You have it available, so use it. If you are about to do something you are unsure of, make a backup first. If the result is not quite what you expected, you can easily restore your company to the same state that it was in at the time you made your Backup.

    When you click on the Cash Book you will see at the top that you can select which Cash Book you want to work on (assuming you have more than one), and the opening balance should be displayed on the top right.

    You will see that you can toggle between Payments and Receipts using the tabs at the top. They normally show in different colours to make things easier.

    The first column deals with the period (Month) you are working on. Then the date (which must fall in the same period as column 1).
    GCS refers to General Ledger Accounts, Customer Accounts or Supplier Accounts.

    The next column is the Reconcile column. These will be marked as reconciled when you do your reconciliation via the "Process" "Bank Reconciliation" assistant ... or you can do it immediately. I prefer to do it via the Assistant.

    Anytime you change the amount of a previously reconciled transaction, Pastel will automatically unreconcile it.

    Reference column. Enter a reference to identify the transaction (8 characters only)

    Enter the description ( or if you want the same discription as the General Ledger account that you are using, enter a comma (,) and press tab.

    Tax Code: As in your setup

    Enter the amount. (If your tax code is 01 it should automatically display a "Bank Exclusive" amount.

    The last three columns (Disc Tax, Discount and Project) I never use, so perhaps someone else can give you some guidance on these.

    IMPORTANT. Once you have completed your entry, make sure that you move onto the next line or your entry will not be saved.

    If the tax column does not appear in your cash book click on "Settings" at the bottom of the cash book and tick the box "tax processing".

    I hope that this helps - please ask if anything is unclear.
    No act of kindness, no matter how small, is ever wasted. - Aesop "The Lion and the Mouse"

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    Hi Mike, I have a similar question.

    I need to set up more than 1 cash book as we are operating more than one bank account. During the auto setup one account was created (8400/000) - how do I create other bank accounts? Do I leave 8400/000 as the summary account and create two more accounts (8400/001 and 8400/002) to be used for processing? Do I create those accounts the same way I added other accounts to the GL?

    Thanks

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    Diamond Member Mike C's Avatar
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    Hi TravisZa - First you make a backup of your company so that if things don't work out as you intended, you can restore to your previous state.

    Now create an additional cash book by going to Edit ... General Ledger ... Accounts and adding your Cash Book. I think that you would have to have a new number, not use a sub-account. So 8401/000 rather than 8400/001. Under the Balance Sheet Financial Category you select B60 - Bank.
    Add a third one as 8402/000 etc

    Then you go to Setup ... Entry Types, and go the first unused space. Let's say it is no 19
    Enter your Cash Book description (eg Special Savings Acc) Select D (for Debit) leave Contra Detail and Force Projects empty - Account Access ... select any account (ie Customer. Supplier, and General Ledger) ... Mark Period Defaults Date ... Cash Book = 2 (if this is your second Cash Book) ... and then enter the General Ledger Bank Account number under "Bank Account" (eg 8401/000)

    Then under number 20, you use same description, this time select C (for Credit) ....select any account ... Period defaults date ... Cash Book = 2, and leave the Bank Account Number blank.

    Move onto next line - select OK - and you should be all set up.

    Hope this has been helpful.
    No act of kindness, no matter how small, is ever wasted. - Aesop "The Lion and the Mouse"

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    Thanks Mike - very helpful.

    Although it looks like Pastel created the Cash books for me after I created the new GL account....when I went into Setup....Entry Type.....CB2 was already created as you suggested above.

    Appreciate the help.

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    Diamond Member Mike C's Avatar
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    Ah! That is one of the improvements that Pastel has introduced in the latest version. Was not too sure how it was going to work. Thanks for letting me know.
    No act of kindness, no matter how small, is ever wasted. - Aesop "The Lion and the Mouse"

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    Hi Mike

    Thanks so much..

    I have another question...

    i want to capture my total debtors in pastel. these are my fee income (1000/000). when the some of the debtors pay i capture in debtors (8200/010) and my closing bank balance is not reconciling in trial balance. Am i doing it the right way?

    What is the best treatment for the above?

  11. #10
    Diamond Member Mike C's Avatar
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    Hi manob,

    Not too sure if I understand how you are doing this.

    It is far easier to open a Customer account for each of your Debtors. You then are able to invoice them, send statements and do age analysis.

    When you write the Invoice you select the Journal Account that you are going to use (1000/000) when it is paid you use "C" in your cashbook (for Customer) - it will list your customers, Select the customer and post that payment to the customer. As you move off the payment amount, Pastel will call up the amounts owed by that customer and you can link the payment to the invoice. (Called "Match open item).

    If you have so many Customers that this would be tedious then perhaps someone more versed in accounting could help us here.

    Hope this helps
    No act of kindness, no matter how small, is ever wasted. - Aesop "The Lion and the Mouse"

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