Balance Carry Forward & Opening Balance

I have come across a similar complication and this thread sounds relevant so I think its better to post here.

My year end carry forward balance from last year 11/12 accounts is - say 1200. As I understand it should be recorded as Opening balance for new year 12/13. By doing so, a journal is created stating 1200 Debit in Current Bank account (1200) and 1200 Credit Suspense account (9998).

My question is about this Credit entry for account 9998, should it remain under this account always or should I record it towards some other nominal account (considering this is the profit of company at the end of last year 11/12 and that’s why it was the amount in bank account).

And if it remains under “Suspense Account” then my year end P&L (for 12/13) shows this amount against “suspense account”, is it actually fine?

Any positive feedback and replies will be much appreciated.


you need to post full closing balance sheet not just bank opening balance

Alright lets see I did all the rest of items, the question still stays. The amount of profit which is carry forward in the bank account, which nominal account does that get recorded against ?

try 3101 Retained Profit & Undistributed Reserves

Hello Support team,

I been with QF few years now, but still do not know how to ask question Support team, this is why I post it as replies to related subject, if someone explain to me how to do it will be very grateful :slight_smile:

The actual question I wanted to ask:
My client changed bank account through out the year, I set new Bank and recorded opening balance within settings:

And now this balance stack in suspense account on P&L:

The original bank was recorded same way, but had no problem with suspense account. I am not sure why it is there now.

Would please someone have a look at it for me, because it looks like Expenses not show correct figure?

Thank you

The opening balance amount must relate to something else, retain profit may be it or it could be something else. The point is you have to tag it to something. If you do not the software will balance the figure by placing it in to the suspense account. Suspense account should always be zero when everything is reconciled.

That what bothers me…
In real life client said old bank send money to new bank.
I record journal with other half of the journal old bank

It seems suspense now cleared :slight_smile:

Remove the two middle entries. You don’t need those. Just the one at the top and bottom. If it really is just a transfer of money from one to the other account.