Suspense Account (code 9998) showing bank transfers. Is that normal?

[thedawsonhousehold]

Hi everyone,

I’m having an issue with recording transfers between accounts in Quickfile and was hoping someone could help.

I’ve been transferring money from my main account to a secondary account periodically. The secondary account is just for setting aside money to ultimately pay taxes. Both accounts are linked to Quickfile.

My accountant reviewed my records today and pointed out a problem with a suspense account (code 9998). It seems like transfers between the accounts are ending up in this suspense account, which shouldn’t be happening.

Here are the details:

In the profit and loss account, you can see a suspense account (code 9998) at the bottom.
This suspense account has transfers in it that shouldn't be there.

Am I logging these transfers incorrectly? Is there a straightforward way to correct this? Has anyone experienced this issue before and found a solution?

Thanks in advance for your help!

Best regards,
Tim

[QFMathew]

Hi @thedawsonhousehold

Transfers between accounts may leave a trace in the suspense account, which is normal. In some cases, I believe they are held here for a few days if the dates are different (e.g. transfer out on one date, but not arriving until a few days later).

The key thing with this account is to ensure that the balance is zero, as the account typically holds anything unaccounted for.

[sbadvisors]

I think QFMatthew is right, but I’m wondering what’s the role of your accountant?

[cbstephensaca]

Presumably they are paid to do the accounts, not the bookkeeping …