New accounting year item 15 16 pg 163 164

15. Replace Petty Cash opening balance figure with new figure

For each petty cash account, you must already have a specific row to accommodate the opening balance. Replace each petty cash opening balance figure with the new figure. You can get the new figure from the previous accounts.

If a petty cash account is a new item, just create a new row to accommodate it.

Next, we need to zerorise each amount in the column RM-DEBIT where its corresponding item in the column ACCOUNT-DEBIT is a petty cash account, and also zerorise amounts in column RM-CREDIT where its corresponding item in the column ACCOUNT-CREDIT is a petty cash account. This is discussed in the next paragraph.

16. Zerorise Petty Cash amounts from the previous year

We don't want to carry every row containing petty cash transactions of the previous period. We are interested only in the net balance figure of the petty cash to be carried forward to the new accounting year.

There are 3 methods you can use to identify petty cash amounts to enable us to zerorise them:

Method 1: Use AutoFilter

1. Go to sheet DATA and make sure the data is not in filtering mode.

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2. Make sure the active cell is in the data area.

3. Click menu Data/Filter/AutoFilter.

4. A downward-pointing arrowhead will appear on the right side of each data/column titles at row 5.

5. Click on the arrowhead on the right of column title ACCOUNT-DEBIT.

6. A list will appear. Select a petty cash account name.

7. The rows will be filtered accordingly. You will see rows where cells in column ACCOUNT DEBIT contain the chosen petty cash account.

8. Replace each amount in column RM-DEBIT with 0 (zero), one by one except the opening balance b/f and the current year figures.

TIP

A faster way is to copy a zero figure, highlight the target cells, and then paste into the cells in one fell swoop.

9. Save the file.

10. Next, we want to identify the amounts in column RM-CREDIT.

11. Click on the arrow-head on the right of column title ACCOUNT-CREDIT.

12. A list will appear. Select the same petty cash account name.

13. The rows will be filtered accordingly. You will see rows where cells in column ACCOUNT CREDIT contain the chosen petty cash account.

14. Replace each amount in column RM-CREDIT with 0 (zero), one by one except the current year's figures.

15. Save the file.

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16. Repeat the process for other petty cash account (if any).

NOTE

Be careful not to replace the petty cash opening balances with 0 (zero). If this happens, just replace the figure.