x Want to participate? Join the group to interact
Options
  • State Not Answered
  • Replies 4 replies
  • Subscribers 54 subscribers
  • Views 1478 views
  • Users 0 members are here
Browse Forums
Announcements
762
topics
17
replies
Financial year end
77
topics
176
replies
General Discussion UK
7k
topics
19k
replies
General Discussion Ireland
173
topics
307
replies
Install your software
134
topics
367
replies
Making Tax Digital
285
topics
691
replies
Manage your VAT
146
topics
318
replies
Protect and repair your data
43
topics
135
replies
Run your accounts remotely
84
topics
196
replies
Working with the bank
114
topics
292
replies
Robin Davies

suspense account

Posted By

Hi
when i set up Sage, we were moving over from QB, the previous bookkeeper had made a mess of the accounts in QB, so I decided not to enter any opening balances, all n/l and customer and supplier accounts were nil.

I have 6 transactions in the suspense account

1 customer ob
1 supplier ob
1 customer receipt
1 supplier payment
1 vat payment
1 bank opening balance

I spoke to a Sage advisor last night, he suggest I reverse journal them, however when i  did this it created error messages about the debtors/creditors accounts? so i did a restore option.

i dated them all this year and entered the ob's via the ob column under each customer/supplier and bank box, now my question is where/how do I enter a journal to get them to where they should be?

Regards
Stephen

Parents
  • 0

    Hi Stephen

    When entering opening balances, the double entry posting always affects the Suspense Control Account (9998). After entering all opening balances, the balance on the Suspense Control Account nominal code should be cleared to zero.

    You would enter your outstanding customer and supplier transactions and then reverse these balances from the nominal ledger, before entering the opening trial balance (usually from your accountant).

    There's a great guide that details how to enter opening balances: https://gb-kb.sage.com/portal/app/portlets/results/viewsolution.jsp?solutionid=200519133605599

    If a journal is posted to the debtors\creditors control account, it changes the value on the nominal code. However, the same value is not reflected anywhere in the customer\supplier record.  The journal does not affect the aged debtors reports and creates a warning.

    Under normal circumstances, you would not post journals to the debtors\creditors control account. The only time it should happen is when entering and reversing opening balances. You should find that this warning is removed once you've entered the the full opening trial balance.

    Just to note also, opening balances should be entered with a date that is the last day of the previous financial year.  For example, if your financial year start date is April 2021, the opening balance date would be 31/03/2021.

    I hope this helps.

    Kind regards,

    Rachael

  • 0 in reply to Rachael Wells

    Thank you for your advice. If items are left in the suspense account, do they stay there forever or are they ever cleared down at year ends?

  • 0 in reply to Robin Davies

    Hi Stephen,

    The suspense account is a profit and loss nominal code, therefore the balance will be journaled to your profit and loss retained earnings at year end. This is nominal code 3200 by default.

    I hope this helps

    Kind regards,

    Rachael

Reply Children
No Data

*Community Hub is the new name for Sage City