suspense account

can someone please tell me how to create a suspense account

PEBBY WALD

220 Points

Posted 3 years ago

3 years ago

Kevin Russell, Accredited Partner

54,292 Points

The same way you create any other account

Comment

3 years ago

PEBBY WALD

220 Points

is it a balance sheet account. A bit more information would be appreciated.

Comment

3 years ago

Kevin Russell, Accredited Partner

54,292 Points

Yes it is. What other information do you need? Why do you need a suspense account at all?

Comment

3 years ago

PEBBY WALD

220 Points

I withdrew some money too be used at a one off event as a float to give people change if they needed it. I then redeposited the same amount after the event. How should I deal with that?

Comment

3 years ago

Kevin Russell, Accredited Partner

54,292 Points

Why dont you create a type of bank account called "petty cash". Thats what i would do.

Comment

3 years ago

Kwikbooks - (Ex Accredited Partner - forum hours & knowledge don't count apparently towards CPD to keep accreditation)

12,754 Points

Hi Pebby

Reckon One already has a default cash bank account you could use this as Kevin suggested - don't forget with Reckon one you also need a supplier or customer name for your transaction, this could be 'cash' 'contra' 'suspense' etc and make it both supplier & customer.

Reckon One is a pain for having to have a customer or supplier name for everything, so use generic where you can.