I have 2 items in a Suspense account that I want to delete ?
Appears in the profit and loss account as a credit - very annoying
I can’t see a way to delete ?
Thanks
You have untagged entries
All entries are tagged ?
Where would find this Untagged item?
Kevin
check all banks , leave untagged ticked at top or it could be from opening balances of balance sheet
I went in to banking - All Banks - Options - turned auto tagging off -
Was this your instruction? Cant see where this amount could be as all account balances are correct
Pity you just can’t delete this Suspense figure
Kevin
It’s double entry book keeping - if there’s a credit in the suspense account it must be balanced by a debit somewhere else. Usually the only things that contribute to a non-zero suspense balance are
- untagged bank transactions
- bank account opening balances
For the former the suspense balance will disappear once the transactions are tagged, but for the latter you’ll have to make a journal to debit suspense and credit the actual code that is the source of the funds that made up the opening bank balance (whether that’s capital introduced for sole traders, retained profit from before you started using QuickFile, or something else).
I’d take a bet on it being you entered an opening balance at some point and didn’t bother to move the suspense account entry to the relevant places as Ian has suggested.
When you first add an opening bank balance, quickfile doesn’t know where that money has come from or what it relates to. It could be retained profit, it could be money owed, or both, or something else.
You should have created a journal to place the amount in the places it should have gone.
Quickfile has for some reason limited the banking views to 2 years now so if the untagged entry was beyond this period it might not show unless you search for it specifically.
Thank you all for your efforts - hair nearly all gone at this stage!
I decided to delete this new year from 6.4.2021 onwards and have the perfect balance on accounts
When I start a fresh new year - It’s there £587.62 - in suspense account on it’s own in the profit & Loss
This 587.62 was or is a payment sent to me by DD from Square
I just can’t see where to allocate it ?
I thought once a fresh correct balance all would be good-NOT
No because any opening balance has to have a matching entry somewhere else.
How would quickfile know your square payment is for a sale unless it was attached to an invoice?
Thanks Paul for your quick response
I am sorry I have no accountancy experience that’s why I asked for help and a solution to this problem
Thanks anyway
Kevin Hinds
Hi Kevin, did you manage to sort this?
NO!!!
Your help would be greatly appreciated
I think the payment has been sent to Quickfile twice via Square
My bank sent the payment and I had integrated with Square –
I have 587.62 in suspense
Kevin
As @FaradayKeynes suggested above, more often than not, the suspense account is made up of untagged entries in bank accounts.
If you go to Banking >> All Bank Accounts, just keep an eye out for the banks with an untagged count, like the top box shown here:
If you click on this box, it will show you the untagged entries.
Hope that helps!
Hi Kevin,
I’m no expert but have you managed to find the transactions in your bank (in quickfile)?
Is it possible that the transaction was duplicated in the bank account, when you were bulk tagging from Square?
I have just read the below knowledge base articles to provide the above information:
Instruction no 8 in the above article mentions:
Hope this help. If not an email to support might help
You wouldn’t see any tagged status in the Chart of Accounts, only in the bank account view (see my reply above).
From your screenshot however, it does look like these are untagged entries in one of your bank accounts.
Screenshot removed
Have you checked all of your bank accounts (e.g. those off screen in the screenshot)?
I’ve also removed your screenshots from your posts, as you’re posting to a public forum.