Results 1 to 6 of 6

Thread: Suspense account

  1. #1
    New Member
    Join Date
    Feb 2017
    Location
    Cape Town
    Posts
    6
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Suspense account

    I have received payments from 2 debtors who in actual fact do not have a balance outstanding. it was paid to the incorrect creditor by themselves. Is it wiser to put this into a suspense account than to have the debtor account have a credit balance.

  2. #2
    New Member
    Join Date
    Feb 2017
    Location
    Durban
    Posts
    4
    Thanks
    0
    Thanked 1 Time in 1 Post
    Why can't you just return the payments?

  3. Thanks given for this post:

    Andromeda (21-Feb-17)

  4. #3
    Platinum Member Mike C's Avatar
    Join Date
    Apr 2012
    Location
    Durban
    Posts
    2,415
    Thanks
    216
    Thanked 326 Times in 284 Posts
    Hi gcbsouth. If the debtor buys regularly from you then you could contact them and ask if they would like to go into credit or have the money returned. If they want it returned then you can put it into the suspense account until it is returned so that their statement remains "clean" and the amount in the suspense account will cancel itself out once the money is returned.
    An education isn't how much you have committed to memory, or even how much you know. It's being able to differentiate between what you do know and what you don't. - Anatole France

  5. #4
    Junior Member
    Join Date
    Feb 2017
    Location
    zimbabwe
    Posts
    11
    Thanks
    0
    Thanked 0 Times in 0 Posts
    A suspense a/c normally is for payments from yet to be identified debtors. if the debtor is known, rather post it to their a/c for ease of recons.

  6. #5
    New Member
    Join Date
    Feb 2017
    Location
    Cape Town
    Posts
    6
    Thanks
    0
    Thanked 0 Times in 0 Posts
    Thank you to all those who responed to my question about debtors.

    Now I have some more questions and would greatly appreciate it if anyone could assist me please.

    I am required to do a manual VAT Reconciliation even though we use Pastel. Is it double work to do a VAT Recon. My reason for asking this question is-does printing the VAT control acc to excel not suffice as vat recon

  7. #6
    New Member
    Join Date
    Feb 2017
    Location
    Cape Town
    Posts
    6
    Thanks
    0
    Thanked 0 Times in 0 Posts

    VAT Conrol

    We have started a new set of accounts on 01/03/2016. However the 2016 year end was only done quite late and with the result we did not start off by putting the balance sheet balances in first. Now I am struggling to put it into Pastel. I do have the take on balances instructions from Pastel but I still seem to be struggling with the Vat Control Acc balance. Can anyone assist me please. Up until now we have not produced management accounts at the end of every month only at the end of the financial year.

Similar Threads

  1. Cash Suspense in Suppliers in Pastel
    By Wendyp in forum Accounting Forum
    Replies: 0
    Last Post: 30-Nov-16, 10:46 AM
  2. [Question] suspense account
    By mrgaleonne in forum Accounting Forum
    Replies: 1
    Last Post: 26-Oct-16, 12:39 PM
  3. Journal out of suspense account
    By seymoursmith in forum Accounting Forum
    Replies: 1
    Last Post: 11-Jul-15, 03:17 PM
  4. [Question] TRANSFERING FROM MAIN ACCOUNT TO CALL ACCOUNT
    By Tee in forum Accounting Forum
    Replies: 4
    Last Post: 14-Jan-15, 11:22 AM
  5. [Question] Suspense Account Balance
    By FazilH in forum Accounting Forum
    Replies: 6
    Last Post: 21-Sep-12, 11:26 AM

Did you like this article? Share it with your favourite social network.

Did you like this article? Share it with your favourite social network.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •