Opening balances of credit cards

Hi,

We started using quick file for the new financial year.

We had some credit cards which had negative opening balances.

They appear in the suspense account, I know they need to be journaled off, but what journal entries do i need to make.

Thanks
Alex

The double entry for any bank opening balance will go to suspense (9998). This basically means it’s origins are unexplained.

Normally what you would do is get the trial balance from your previous accounting software and this would explain all bank opening balances.

If you have a word with your accountant/bookkeeper they should be able to help there. There’s no one unifying answer and usually a journal will need to be entered to move that balance out of 9998 and into the respective codes that made up that balance.