Hi
I see that by default I have two journal entries -
One the opening balance
The second - suspense account -
I am unclear as to why the suspense journal is required, although I see I need to journal entries; should I have an alternative?
Cheers
Barbara
The debit and credit sides of any journal have to balance - if you supply an opening balance for a bank account the system needs to know where the money came from, is it income from previous sales, capital you’ve introduced into a new business, etc? The “suspense” account is a catch-all where the system tells you “I don’t know where this money came from”, and is typically just made up of untagged bank account transactions.
If you’re starting your book-keeping from scratch in QuickFile for a new business then you can probably just treat the opening balances as “capital introduced for sole traders” or possibly share capital for a ltd company (I’m not an accountant and my business is a self-employed partnership so I’m a bit sketchy on the ltd side). If you are moving to QuickFile from another accounting system then you should be able to export some sort of “trial balance” from there rather than using the QuickFile opening balance mechanism.
As I say, I’m not an accountant, check with yours if you want the definitive answer for your specific situation.
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Hi Ian
Many thanks that’s really helpful.
Regards
Barbara