Suspense Account
Posted: 14 Apr 2011, 10:02
I have posted my opening balances for my bank account but the opening balances have gone into account 9998 the suspense account how do I correct this and get the balances into the right place.
You need to enter a full opening trial balance - once you have done so, the suspense account will return to zero.
As an example, even if your just starting up, the money in the bank must have come from somewhere, a directors loan for example or capital introduced so you;d need to enter that as an opening balance as well.
John