Please help. I have noticed that when I transfer money from paypal to my bank I get entries in the suspense account and I don’t understand why.
I have a current account and a paypal merchant account.
Both account are automatically imported by feeds.
When I make a transfer I get the transfer showing in both accounts asking to be tagged.
I enter paypal account and tag the item as a transfer by selecting transfer and then selecting the current account. I’m then told that there is a transaction for the same amount so I select that.
Transaction is now tagged in both accounts correctly.
However Quickfile is creating duplicate entries in the suspense account , I don’t get why they are showing up there. Last time I just deleted them but this time round I’d like some better understanding of why this is happening as it’s confusing the hell out of me!
So would I be right to think that it’s fine to delete the entries in the suspense account? I understand that they are zero’d however I would prefer an empty suspense account. My book keeping isn’t great and I’d like thing as clean as possible.
I don’t understand why you want to delete the entries in the suspense account? If they balance out to zero, then theres no suspense figures included on the profit and loss.
If on the other hand you suggest that the suspense account has a remaining balance, then this would be a result of something else not reconciled.
But I don’t understand why you would want to delete entries, since the suspense account doesn’t form any part of accounts or balance sheet, its just a nominal that’s used to balance things when they haven’t yet been balanced.
You will never have an “empty” suspense account for the reasons given.
Hi. The reason I didn’t want the items appearing is just due to things being correct. QF shouldn’t be duplicating entries from feeds. I solved the problem as there is a setting within the paypal feed to ignore imports to correct duplicates. Selecting this option means that the transfer is recorded from the bank feed only which then creates the entry for paypal when tagged, no entry in the suspense account problem solved. Like you said the suspense account is for things that haven’t been balanced, in this scenario there was no balance or pending problem but duplication due to a setting tucked away that isn’t obvious until you’ve been through the process that I’ve just been through.
Hi karlj,
You said you use automated banking feed. The solution to avoid duplication is the option in your PayPal merchant account settings to ignore payouts from PayPal. That means any payout from PayPal to your current account will not show in your PayPal merchant account in quickfile. Your current account will still get and show the PayPal payout transaction. In your current account in quickfile you then tag this transaction as an transfer between accounts which will automatically create and tag the entry in your PayPal account.
So, look for the setting to ignore PayPal payouts. This should help.
and I’d like thing as clean as possible.