Opening Balances & Suspense Account

Accounting
1

I am struggling with one aspect of set up on Quickfile and that is where to put the balance in the suspense account.

I previously used FreeAgent but I haven’t traded for a whole year and I’m starting again with Quickfile. I have 2 bank accounts which had a combined balance of around £8.5k on 1st June, 2020. I entered the correct balance and have got all the transactions correct and up to date and I’m happy with that.

The other side of the £8.5k is now sitting in my suspense account. I need to move this somewhere but I can’t find where to and the only real help I can find on here is for sole traders. I work through my ltd company.

Because of my year out, corporation tax and VAT up to date, so this is just a balance, not income that has tax to be paid on it and I therefore don’t want to show it as ‘income’ for a second time.

Any help on this would be appreciated.

2

It’s in the suspense account because you haven’t listed what that 8.5k of money relates to.

From your question it sounds like its retained earnings? If so you need to create a journal on the opening balance date and move it from the suspense account to the correct nominal.

3

Thanks. I’ve found Retained Earnings. I was looking for something like Cash at Bank, or something like that.

Cheers, Paul

4

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