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Level 2 Computerised - Opening Balance and Suspense account

Quebec9804
  • 9 posts
  • # 88417

delete

Edited at 25 Nov 2024 03:47 PM GMT
kjmcculloch
  • 1159 posts
  • # 88418

Where did you get your opening balances?
Quebec9804
  • 9 posts
  • # 88419

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Edited at 25 Nov 2024 03:47 PM GMT
kjmcculloch
  • 1159 posts
  • # 88420

The reason I ask is because every debit should have a credit, so when you enter all the opening balances the total credits should equal the total debits so the suspense account should naturally clear itself.

have you put in all the figures correctly? 
Quebec9804
  • 9 posts
  • # 88423

delete

Edited at 25 Nov 2024 03:48 PM GMT
Quebec9804
  • 9 posts
  • # 88432

delete

Edited at 25 Nov 2024 03:48 PM GMT
Quebec9804
  • 9 posts
  • # 88438

I don't need help with this now - It is resolved.

Thank you kjmcculloch for your input and pointing me in the right direction.

I have learned today however to treat Profit and Loss b/f as a credit! Laughing
Quebec9804
  • 9 posts
  • # 123014

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