How can you handle discrepancies in Pastel accounting?

1 Check your settings

The first thing you should do when you notice a discrepancy in Pastel accounting is to check your settings. Make sure that your Pastel version is up to date, your company details are correct, your currency rates are current, and your tax codes are consistent. You should also check your bank reconciliation settings, such as the cut-off date, the opening balance, and the cleared transactions. If you find any errors or inconsistencies in your settings, you should correct them as soon as possible.

2 Compare your records

The next step is to compare your Pastel records with your external sources of information, such as your bank statements, invoices, receipts, or vouchers. You should look for any differences in dates, amounts, descriptions, or references. You should also check for any missing, duplicated, or reversed transactions. You can use the Pastel reports and queries to help you find and filter the relevant data. For example, you can use the Bank Audit Trail report to compare your Pastel bank entries with your bank statement.

3 Adjust your entries

Once you have identified the cause of the discrepancy, you should adjust your Pastel entries accordingly. You can use the Edit function to change the details of an existing entry, such as the date, amount, or description. You can also use the Delete function to remove an incorrect or duplicated entry. However, you should be careful when deleting entries, as it may affect your audit trail and historical data. Alternatively, you can use the Journal function to create a new entry that corrects or reverses the previous entry. For example, you can use a journal entry to record a bank charge that was not captured in Pastel.

4 Review your reports

After you have adjusted your entries, you should review your Pastel reports to make sure that the discrepancy is resolved. You should check your financial statements, such as your income statement, balance sheet, and cash flow statement, to see if they reflect the correct figures and transactions. You should also check your tax reports, such as your VAT report, to see if they comply with the tax regulations and requirements. You can use the Pastel verification and validation tools to help you check and verify your reports.

5 Implement controls

Finally, you should implement some controls to prevent discrepancies from occurring in the future. You should establish a regular and consistent process for capturing, reconciling, and reviewing your Pastel data. You should also train your staff on how to use Pastel correctly and efficiently. You should also set up some security and access controls to limit who can view, edit, or delete your Pastel data. You should also backup your Pastel data regularly and store it in a safe and secure location.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?