Suspense Account - journalling out opening balance entries

The same concept would apply with the money in the bank account. Where did that opening balance come from? The concept is, money can’t just appear in a bank account, it has to come from somewhere and this needs to be reflected on the account.

Have you started using QuickFile part way through an accounting period, or have you started from day 1? If it’s part way, then there’s a topic here which may help you with this.

If you’re unsure on where it should be journalled to, it may be worth running this past your accountant to be sure.