Using Suspense Account on MYOB

by Vote for Pedro
(Queensland)

I needed that you please let me know in detail how you process on MYOB monies that you don't know where they are coming from and why. Step by step please, involving a suspense account. From the undetermined stage until when you find out where it belongs to regarding monies that are deposited into a business bank account, or come via cheque without the accompanying remittance advice, from debtors and otherwise, until the stage when we know after conducting our investigations where it should go to.

Reversing a Suspense Account DR

I am using SAGE instant accounts.

I have obviously made an error when posting journal entries for the purchase of a motor vehicle. I started off by showing the puchase as a bank payment of an invoice to the garage but then deleted this through corrections as we paid for the vehicle out of our own money.

I had a debit of £5875 in the nominal account for Motor vehicles and I deleted the entry of the invoice and payment.

I then entered the £5875 as a CR in capital.

What I have ended up with now is:

£5875 DR Motor Vehicles
£5875 CR Capital
£5875 DR Suspense account.

I am now trying to sort out my year end and I cannot work out how to get rid of the suspense account posting without messing up everything else.

Can you help?

Hello,

Thank you for your question.

I don't personally have experience with the SAGE software.

Hopefully someone else out there can help with this one?...

How do you record money in and money out in Simply Accounting?

by Donna
(Vancouver, BC)

When you are moving money through the business account (money in = money out)how do you note it in Simply Accounting. I recently had a collegue deposit a cheque in my business account and then I withdrew that amount for him). His bank had a 7 day hold on cheques and he needed money sooner.

So... basic question is how do you record money in/money out so it does not show up as revenue or expense?

Hello Donna,

Thank you for your question.

If you do not want your money in/money out to show up as revenue and expense, you will need to have it pass through on the balance sheet. You can accomplish this by setting up a current liabilities account.

Your money in transaction would be:

DEBIT Cash (Asset)
CREDIT Money In/Money Out (Current Liability)

While your money out transaction would be:

DEBIT Money In/Money Out
CREDIT Cash (Asset)

Suspense Accounts

by Ujjwal Kapasi
(Duba, U.A.E)

1. $200 cash taken for the owner's personal expense had been debited in the cash account, and debited to general expense. What is the correct entry?

Hello Ujjwal Kapasi,

Thank you for your inquiry.

The correct entry for the above transaction would be:

CREDIT CASH $200
DEBIT OWNER'S DRAW $200