Take on balances

**Christelle Muller** · 14-Oct-23, 03:12 PM

Hi, I need assistance too please with cash book take on balance. I do not have any other balances to take on, only the cash book. How do I clear out the suspense account then since it is used to do the take on balance after the posting has taken place?

**Kevin Smith** · 16-Oct-23, 09:53 AM

The money in the bank can't come from nowhere. It is either a loan from the owners / directors or the company you have taken over from. That money will need to be repaid to them at some stage. You would do a cashbook receipt against the relevant GL account to take on that balance - no need to use the suspense account if there is only one transaction.

**Christelle Muller** · 25-Oct-23, 08:44 AM

Originally Posted by Kevin Smith

The money in the bank can't come from nowhere. It is either a loan from the owners / directors or the company you have taken over from. That money will need to be repaid to them at some stage. You would do a cashbook receipt against the relevant GL account to take on that balance - no need to use the suspense account if there is only one transaction.

Hi Kevin, it is an NPO we took over. We're also an NPO. I have received their Financial Statements. There are no other balances: no inventory, no creditors, no debtors...only 4 bank accounts. There's no one that needs to be reimbursed. I need to do the usual transactions from 01.07.2023 (new fin year) i.e. supplier and customer invoices to capture. My question is, after watching all the videos that Sage posted on YouTube on take on balances, nowhere is explained how to clear out the suspense account to get it to zero, at year end. Sage support cannot help me with this as Pastel Xpress Accounting is a double-sided entry application. I have also asked our auditors and they explained to offset the supplier pmts and customer receipts against the suspense balances but how do I then get to post allocations to the GLs and at the same time get the bank balances as at today's date? If there are no other balances to take on, other than the 4 bank account balances, how go about it? Sounds like I'm making it very complicated but I'm stuck here. I'm sure there's a way that I'm not yet aware of...

**Kevin Smith** · 25-Oct-23, 11:32 AM

If you look at the financials, there must be something with credit balances that offset the debit balances in the bank. In a for-profit organisation this would normally be Retained earnings. I think in NPO accounting terms it is called Net Assets. If you have nothing else to go on, rename 5200/000 Retained Earnings to Net Assets and post your contra's to the cashbook there.

Net Assets is the cumulative excess or deficiency of an NPO's income and expenses from the beginning of the organisation to present.

**Christelle Muller** · 25-Oct-23, 01:39 PM

Originally Posted by Kevin Smith

If you look at the financials, there must be something with credit balances that offset the debit balances in the bank. In a for-profit organisation this would normally be Retained earnings. I think in NPO accounting terms it is called Net Assets. If you have nothing else to go on, rename 5200/000 Retained Earnings to Net Assets and post your contra's to the cashbook there. Net Assets is the cumulative excess or deficiency of an NPO's income and expenses from the beginning of the organisation to present.

Ok thank you, this makes more sense to me.