Suspense account and reconciling accounts

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I have a basic business bank account (which is free to operate) and a personal current account both with Santander. Most of my transactions come out of my business account but there are some transactions I cannot make from this business account that I need to do through my personal current account so I upload both account transactions into quickfile and tag the relevant transactions

I have noticed that this has created a suspense account in my profit and loss that shows all of my personal transactions and is artificially creating inflated profit numbers on my P&L. Moving forward I am going to move all of my business transactions into my business account which will hopefully solve most of my issues below however,

Could I please ask the following:

• Is there a way to remove this suspense account from my accounts for this current year to date?
• Is there a way to import only the business transactions from my Santander personal account? (as I work from home, some household bills are shared with the business and can be partially included in my accounts)
• I also want to reconcile my accounts to ensure the amounts in the bank uploads reflect the statements I upload so that my account totals are accurate but I am struggling to do this I suspect due to the above.

Could anyone please advise if there is a way to complete these issues and suggest maybe a simpler way to get my accounts totals to balance with the bank statements.

Kind regards

Mike

2

Hi @EzetoolGroup

Personal transactions generally shouldn’t be included in your accounts, so the only true way to make sure the figures are accurate for your business is to delete the personal transactions (leaving the business related ones on your account).

The suspense account is often made up of untagged entries, so removing these personal entries that aren’t relevant to your business (assuming they’re untagged), should resolve that issue.

There isn’t a way to selectively say “import only business transactions”, as there isn’t a definitive way of differentiating business from personal entries. What I would suggest is not to use a bank feed for the personal account, but rather tag the invoices as paid instead, seems it’s only the occasional entry.

Hope that helps!

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No, the suspense account is P&L in the QuickFile nominal numbering scheme.

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Well spotted @ian_roberts - teach me for trying to multi-task! I’ve updated my post :slight_smile:

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