I am trying to reconcile a bank statement and am -£20. I know that this is a refund that was given by a supplier.
I have looked at the supplier account and indeed the balance is -£20. I have obviously entered this wrong at some point as when I go into pay supplier and try to clear it it says there is an unallocated cheque. I cannot see any other outstanding payments in the payment window.
In order to reconcile the bank I have put it in the suspense account but can someone talk me through what I need to do as I cant seem to find it in the training manual or on line
What I would do is post an invoice to the supplier acount in the purchase ledger, to suspense account, then clear the balance using the credit balance that's already on there to pay the supplier invoice (a nil value transaction).
Then, enter the receipt from the supplier as a Bank receipt and post it to suspense, thereby clearing the balance on that account whichn you created earlier.
