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.
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.
Why can't you just return the payments?
Andromeda (21-Feb-17)
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.
No act of kindness, no matter how small, is ever wasted. - Aesop "The Lion and the Mouse"
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.
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
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.
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