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we have started using Pastel xpress this month, so I need help on recording opening balance(that's was carried over from august 2016) you get from the bank statement.
If the opening balance was favorable, process a cashbook receipts journal on 31 August 2016 for the amount of the opening balance and allocate it to 9990/000 (Opening Balance/Suspense Account).
If the opening balance was unfavourable, do the same as a cashbook payments journal.
I hope all is well?!
Just a follow up on this...I have processed my Opening Bank Balance directly from the Bank Statement onto to the Cashbook. I have processed all other transactions correctly and my Trial Balance seems to be correct except that the opening bank balance is still sitting in the Suspense account.
Please advise what to do to clear this account.
Do I pass a journal entry?
Or should I have processed the Bank Statement transactions via the Journal Entry
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