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figures in suspense account

Posted: 10 Sep 2021, 07:58
by sbrown1264
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 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?


Re: figures in suspense account

Posted: 13 Sep 2021, 13:48
by brucedenney
Opening balances are posted to a suspense account 999x.

You should date them the last day of the previous financial year.

You can run a TB and select B/F and this will show the opening position for the year.

This will be incorrect because you will have adjustments and retained profits etc brought forward from your previous financial year in your previous accounting system that have not been entered, not least because yo do not know what they are at this time.

At some point in the future your accountant will do a year end, and, on request will give you what your opening TB should be.

Armed with the TB as it should be from your accountant and the opening TB (B/F) from Sage you can now make an adjusting journal in sage (dated the last day of the previous year) to make the TB in Sage match the TB from the accountant.