I have previously posted some bank payments to the suspense a/c as I didnt know what they related to. I have since descovered that they are payments for water services (united utilities) and want to clear the suspense a/c and show the payment in the relevant supplier account. If I do a journal to CR suspense and DR Creditor Control account on sage this would mean that the bank payment isnt shown in my supplier ledger. does anyone know how I should deal with this?
Are you using SAGE? Maybe you should just delete the transaction and post it again with the correct details otherwise you have to reverse the original transaction with your journal entry-what was a bank payment.
1. Cancel your original bank payment posting and post as a purchase payment to the relevant supplier account. Assume that the invoice is already recorded in the supplier account?
2. Do a journal to reverse the posting ie Dr Bank Cr Suspense then post a purchase payment as in 1 above.
Agree with Mark S, the two banks transactions can be reconciled against each other and you supplier account will be correct.
Just thought I'd mention however that it is very inadvisable to post a journal to any control account - Debtors, Creditors, Vat - for the reason you mentioned. Your control account should always match your list of outstanding creditors (or debtors) and you should check this often. Posting journals to the control account will likely make this difficult.
Would there be a journal posting to control a/c? Was it not a bank payment to suspense a/c and now found the corresponding invoice? As we said before it is just the case of reversing the original bank payment to suspense a/c with a journal entry (cr suspense,dr bank)- that will make it look like nothing happened in the first place-money back in the bank and suspense a/c cleared and anything after that is just normal entering the payment to the supplier. In fact without this journal entry surely creditor's control a/c and outstanding creditors shouldn't match or should they? The utility company has been paid but it never appeared in the accounts.(well only a payment from bank to suspense)
But yes easiest way is maintenance>corrections>find the postings to suspense a/c and delete them and post the transactions again,now with the right details.
HTH
-- Edited by attilabenko on Sunday 13th of February 2011 06:26:36 PM
As attilabenko said either cancelling the original entry or a journal as Dr Bank Cr Suspense doesnt have any affect on the control account.
The only affect on the control account would be a supplier payment through the bank module which will update the control account and list of creditors as normal.
I didn't know this until Mark pointed it out, but a journal posting in Sage using the bank nominal code, puts a payment or receipt onto the bank module that you can reconcile. I'd be interested to know if it's a new feature or if it's also worked that way.
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Tony
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hi Tony, its worked for some time now, couldnt state exactly when. The same applies for a VAT journal (as long as put the correct VAT code ofcourse), if you enter a journal using T1 or similar an entry will be given for VAT return.
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Donna Curling - Complete Book-Keeping Ltd (CBKLtd) - 07939 101900
I have previously posted some bank payments to the suspense account as I wasnt sure what they related to only I knew is withdrawal what the director done. I have since discovered and I deleted from suspense account and I have done a transfer from bank ac to petty cash a/c but Im not sure is it enough transaction to fix this, or should I do a bank payment to put back the balance. So I want to clear the suspense a/c and show the payment in the relevant account.
Does anyone know how I should deal with this please? I just can`t think this through.
Personally, I would use a dummy bank account as you dont know what the effect of deleting transactions would have.
Post the supplier payment through an unused bank account (creates a credit). Journal the suspense balance (CR) to clear the dummy bank account to NIL (DR that clear the supplier payment credit)
-- Edited by FoxAccountancyServices on Friday 3rd of May 2013 08:42:24 AM
It's a great feature.
