Forum

• # 69930
• Wed 30 Mar 2011 02:50 PM

i was wondering if someone could help me.

i have a set of books that i am putting onto sage at the moment, and i have opening balances for fixed assets to enter.

i have entered them into sage on the first day of the financial year as debit entries, and now have credit entries in my suspense account.

do i leave the credit balance in the suspense account, or do i have to place this balance in another account (maybe the capital account). 

any advice would be very much appreciated

rachel 
 

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• # 69934
• Wed 30 Mar 2011 03:03 PM

Hi Rachel.

To answer your first question no nothing should ever be left in your suspense account, Suspense balances should always be investigated and cleared.

Do you have the opening trial balance for the period as that is what you should be posting from.

I usually to make life easier post debtors creditors and unreconciled bank transaction balances to suspense then post the individual debtor, creditor and unreconciled bank transaction to the ledgers and coding the other side of the entry to suspense. 

Using the above method means suspense is cleared out and acts a double check to the indivdual postings and I then get the indivdual transactions in the relevant customer and supplier accounts. also by posting the unreconciled bank tranactions in this manner the bank rec is easily doable in the next period.

Kind Regards
Stuart 

• Forum Moderator, South East & Greater London Regional Chairman
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• # 70033
• Tue 05 Apr 2011 12:30 PM

thank you for your help, things are working out well now.

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