Hi All - I hope this is alright to post on here as a general accounting query.
I have recently acquired a bookkeeping customer who has some historic balances (c. £100 on each account), that should be nil. This includes credit card accounts (statements at nil) and some expense accounts for staff no longer with the company. The errors seem to date back anytime from 2016 and have made their way through various account software transfers.
All amounts are currently all in a suspense account, and I have authorisation to clear the balances (alongside supporting evidence for credit card accounts). Which account would you allocate the "write off" amounts to? I am thinking of creating a balancing / conversion account?