suspense account

  • 1
  • Question
  • Updated 3 years ago
  • Answered
can someone please tell me how to create a suspense account
Photo of PEBBY WALD

PEBBY WALD

  • 220 Points 100 badge 2x thumb

Posted 3 years ago

  • 1
Photo of Kevin Russell

Kevin Russell, Accredited Partner

  • 52,906 Points 50k badge 2x thumb
The same way you create any other account
Photo of PEBBY WALD

PEBBY WALD

  • 220 Points 100 badge 2x thumb
is it a balance sheet account. A bit more information would be appreciated.
Photo of Kevin Russell

Kevin Russell, Accredited Partner

  • 52,906 Points 50k badge 2x thumb
Yes it is. What other information do you need? Why do you need a suspense account at all?
Photo of PEBBY WALD

PEBBY WALD

  • 220 Points 100 badge 2x thumb
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?
Photo of Kevin Russell

Kevin Russell, Accredited Partner

  • 52,906 Points 50k badge 2x thumb
Why dont you create a type of bank account called "petty cash". Thats what i would do.
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. 
Photo of Kevin Russell

Kevin Russell, Accredited Partner

  • 52,906 Points 50k badge 2x thumb
Problem solved i think. Nice one
Photo of PEBBY WALD

PEBBY WALD

  • 220 Points 100 badge 2x thumb
Thank you for your help.  Query solved. Much appreciated.
Photo of Kevin Russell

Kevin Russell, Accredited Partner

  • 52,906 Points 50k badge 2x thumb
This is what I do. Tell no one ssssshhhhhh.
Photo of PEBBY WALD

PEBBY WALD

  • 220 Points 100 badge 2x thumb
You do it well.  I won't tell a soul.