Hi - hoping someone can help me here................
This is my first year doing bookkeeping and I am trying to get things ready for year end. When trying to reconcile last April and Mays Bank statement I could not make it balance so I put an adjustment to Suspense Account. How do I now clear this off the Suspense. I have found the missing item that should have been reconciled on the bank statement so am not sure how to reduce the suspense account and get the missing payment on the already reconciled band statement for April
A good understanding of double-entry book-keeping is invaluable. Write out some T accounts for the entries using an olde fashioned pen and paper (or even pencil so you can rub it out and change it). Then when you've got it right, it should be pretty clear how to do it on the computer.
Hi Maggie - you will need to write a journal entry, as John has suggested go back to the good old T accounts to work out what moves in which direction so you can be sure you understand how the money has moved through the business. If you don't know how to do a journal then get the accountant who will be completing the end of year to guide you through, most accountants I have come across will be willing to talk you through what needs doing as it means one less job for them to work through.
