Balance on Suspense Account

Accounting
1

Hi there,

Hope someone can help me.
I have a debit balance on my suspense account and even though I can see a breakdown of the balance I am not sure how to fix it. the balance is made of payments made to different suppliers, payments that I initially recorded as being paid by from the petty cash account and then deleted and log separate payments from the directors loan account.

I can see my purchases tagged and paid in the directors loan account, but a list of these is still sitting in my suspense. Not sure how to fix it cause I cannot see the double entry, not sure where the credit part is.

Hope the above makes sense.

Thanks
Tom

2

There are a couple of things that will give you a suspense balance:

  1. Any untagged transactions on your bank accounts, until tagged the corresponding entry will sit on suspense.

  2. Any opening balances manually set on your bank accounts. The corresponding amount of the opening balance will go on suspense, until it is journalled out.

Hope that helps! Let me know if you need any further assistance.

3

Great! thank you very much, it was the first situation.

regards
Tom

1 Like