I have a balance I can’t work out on my suspense account.
It looks like Forex transactions go via the account where I have transferred monies from USD to EUR account. Most suspense account transactions balance out to zero but quite a few don’t.
I now have a decent balance on the account which I simply can’t explain as I can’t see where the other side of the transactions are. The bank accounts seem to reconcile so I can’t see where it is missing. Also the number is too large to be currency movements. Any ideas? Thank you.
Hi,
That could be a lot of things.
A lot of banks take a fee when transferring money from USD to EUR or other currencies. Could it be that?
Any untagged amount in your bank account(s) are kept in the suspense account until tagged. Have you checked for duplicates, that’s very often the reason.
Opening balances for bank accounts, which are not specified, are kept in your suspense account
Maybe it is helpful to search for the shown single amounts (in your suspense account) in sales/purchase invoices and/or bank accounts. It is maybe also helpful to search in different date ranges.
As I said it could be a lot of things and this are just a few ideas.
Thanks RHC. I have had a closer look and just can’t work it out. I have transactions from the USD to the EUR account that are at the correct x-rate. On the same day there are two transactions in the Suspense account but at the same exchange rate (one right and one wrong), hence the error amount. I just can’t work out where the error has gone.
Hi @ukprop
It’s normal for bank transfers to leave a trace in the suspense account.
If they’re all non-GBP transactions, there’s likely to be some difference because of the exchange rate compared to GBP (as all reports are in GBP).
I don’t see that this explains it.
Every difference left is the exact EUR / USD exchange rate on the transaction. It can’t be a rounding error or FX movement as the difference is around 18%-20%.
As per my example you can see the X-rate attached to the notes is the same but the currency is different. I have a feeling it something to do with how I tagged bank transfers but I can’t find the other side of the error which is what I find so confusing.
Hi, is there any chance of some help with this? I really can’t see the problem. Thank you.
Hi @ukprop
I have queried this with our development team and just waiting on a response. As soon as we have any updates, we’ll be sure to let you know.
Hi @ukprop,
The Dev team made some changes relating to this as the transaction was looking at the wrong exchange rate.
If you remove and reimport this transaction this should fix it. We didn’t do this automatically for you as the transaction had already been tagged.
Thanks, but can you tell me where the other side of the transaction is? It must be somewhere?
The issue was to do with the exchange rate - I’m not sure what you mean by the other side of the transaction. If it is tagged then it will be where you have tagged it. If it isn’t then it’ll be held in the suspense account
The other sides of the transactions (i,.e. not in the suspense account) are all corrrect so I don’t understand how we have the balance on the suspense account. It would make sense if there was something in the currency gain / loss account but it isn’t there either.
Julian Power
e. julian@jpower.co.uk
t. +44 7980 676 939
Hi @ukprop,
If you look at the transactions in the suspense account you should be able to work out what they relate to by clicking the little question mark
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