Creating, recording and balancing a contra account in Pastel accounting

The double entry accounting system requires that all contra-accounts be recorded in a journal before posting into the contra- accounts.

This basically means that all debits in an account be recorded as credits in a contra-account. i.e. the credits need to equal the debits. .

The Pastel accounting system allows one to balance a journal by either adding another line within the journal template or select the contra account, i.e. the account to which the other side of the entry should be processed.

If the contra account option is selected, a second line is not required to be input, the system will automatically take the same amount and post to the contra account selected.

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