How to Clear Bank Account Suspense Values?

[Lindsay S]

Good Day Forum Members

Could anybody provide some insight please?

I am using Pastel 17 and have created a new company as a copy of another (existing) company and cleared out all of the history records that were copied in order to create a "clean" starting point. My understanding is that in essence this new company is a clear template to work in - but I am unsure whether this is in fact the case?

Working in "last year" mode to capture the TB into this "clean" set of books, I have included the GL bank account (8440/000 - contra 9990/004) in the general journal used to capture the TB figures. I cannot figure how to transfer the (positive) value from the suspense account (9990/004) to the bank account (8440/000) that clears the suspense account without doubling the amount in the bank account.

I will be most grateful for any advice on how to go about this correctly or on what I am doing wrong please.

With thanks
Lindsay

[Neville Bailey]

Hi Lindsay,

You should not have included the GL bank account in the general journal, so you need to reverse that portion of the general journal.

For cashbook opening entries, use the cashbook journal (cashbook receipts journal for favourable balances and cashbook payments journal for overdraft balances) and use 9990/004 as the account to allocate the opening balance.

[Lindsay S]

'Morning Neville

Thank you for your advice - it is much appreciated.

Having used the correct cashbook journal method to take on a favourable balance, the TB now reflects the value in the 8440/000 bank account and the same value in the 9990/004 suspense account which balances the TB. The question in my confused mind now is how to clear this value from the suspense account?

Would you mind advising if this should be cleared out or not please .... and if it should be cleared, then how to do this please?

With thanks
Lindsay