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StuartAnder


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blonde Moment
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Please could someone confirm i am correct?

 

I posted some opening balances for the bank accounts and the credit entry was posted automatically to suspense.

 

So i have cleared the suspense like this:

Dr Suspense

Cr Drawings

Accounts are for a soletrader using 2 accounts-both include personal expenditure.

Thanks

 

Stuart



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MarkS


Expert

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Hi Stuart

You would clear the entry in suspense when you post the opening trial balance.  The bank account you would debit to suspense rather than the bank account.

Regards

Mark



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Mark Stewart CA

http://stewartaccounting.co.uk/

Providing accounting, bookkeeping, payroll and tax services to small and medium sized businesses across Central Scotland and beyond.
Stardoe


Guru

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Hi Stuart,

As Mark said, you usually post opening balances as part of the Trial Balance when entering all your opening balances....when all balances have been entered your suspense account will be zero. If you do not have a Trial Balance from previous year's accounts and this is the first year of trading then an opening bank balance should be posted to Capital Introduced.

Pauline

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Pauline
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