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Post Info TOPIC: Outstanding lodgements/suspense account help


Newbie

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Posts: 3
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Outstanding lodgements/suspense account help


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



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Senior Member

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Posts: 266
Date:

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.

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