The Book-keepers Forum (BKF)
The Book-keepers Forum (UK) -> Book-keeping Software -> Outstanding lodgements/suspense account help
Post Info TOPIC: Outstanding lodgements/suspense account help
lyds2805


Newbie

Status: Offline
Posts: 3
Date:
Outstanding lodgements/suspense account help
Permalink Closed

Hi everyone, a newbie here!

My company have switched from QB to Sage Instant and I'm in the process of entering this years transactions.

I have a trial balance from our accountant which I've entered and we're so far, so good until I checked the suspense account...

Basically, I enetered the back opening balance as per the PAPER statement, not the QB statement (which was the paper total, plus outstanding lodgements). I did it this way as I figure I'd need to enter the logements as I would normal sales so I can reconcile the account.

The problem I now have is my suspense account is showing a figure equal to the outstanding lodgements. Anyone know how I can clear the suspense to zero? Should I have entered the bank opening balance PLUS the unreconciled transactions? If so, how do I then enter these transactions so I can reconcile them, without them increasing the bank balance to give a false total?

Blimey, I hope I explained that well enough!

Any help would be greatly appreciated, thanks biggrin



__________________
Robert Pearce


Senior Member

Status: Offline
Posts: 266
Date:
Permalink Closed

The opening bank balance should be as per Quickbooks.  You could enter this as one balance but, to help you when reconciling the bank, you might want to enter the bank statement balance and the outstanding lodgements as individual transactions, each time crediting the suspense account.



__________________

Pearce & Co - Chartered Accountant and Chartered Tax Adviser 

www.pearceandcoaccountants.co.uk

These comments are outline only and are not a substitute for specific professional advice.
Page 1 of 1  sorted by
Quick Reply

Please log in to post quick replies.
The Book-keepers Forum (UK) -> Book-keeping Software -> Outstanding lodgements/suspense account help
Tweet this page Post to Digg Post to Del.icio.us
Members Login
Username 
 
Password 
    Remember Me  
©2007-2024 The Book-keepers Forum (BKF). All Rights Reserved. The Book-keepers Forum (BKF) is a trading division of Bookcert Ltd. Registered in England Company Number 05782923. 2 Laurel House, 1 Station Rd, Worle, Weston-super-Mare, North Somerset, BS22 6AR, United Kingdom. The Book-keepers Forum and BKF are trademarks of Bookcert Ltd. This forum is a discussion forum only. There will usually be more than one opinion to any question and any posting should not be viewed as a definitive solution. No responsibility for loss occasioned to any person acting or refraining from action as a result of any posting on this site is accepted by the contributors or The Book-keepers Forum. In all cases, appropriate professional advice should be sought before making a decision. We reserve the right to remove any postings which are offensive, libellous, self-promoting or engaged in covert marketing. We will not notify users of removals. The views expressed in the forum posts are those of the individual and do not necessary reflect or agree with those of The Book-keepers Forum. Any offensive or unsuitable posts will be removed by the moderators. Any reader of this forum can request for a post to be looked into by sending an email to: bookcertltd@gmail.com.

Privacy & Cookie Policy  About