Anonymous
Share this content
7

Journal Entries to balance accounts

Didn't find your answer?

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?

Replies (7)

Please login or register to join the discussion.

avatar
By GW
08th Nov 2019 13:31

1) Why is this so sensive it warrants an Anonymous question?

2) What do you think the missing entries are? if the expenses have been understated post to expenses.

Thanks (1)
RLI
By lionofludesch
08th Nov 2019 14:59

As regards the expenses owing to former staff, simply pay them what is owed to them.

Job done.

Thanks (1)
avatar
By JDBENJAMIN
08th Nov 2019 15:05

Why ask us? We don't know the facts behind these balances. It is your job to find out what should have happened for each entry making up the balance, and deal with it accordingly.

Thanks (0)
Hallerud at Easter
By DJKL
08th Nov 2019 15:12

Dr Suspense
Cr OPEN

or
DR OPEN
Cr Suspense

(Open-obviously posting error nominal)

Burying in sundries is also an alternative.

Thanks (0)
Replying to DJKL:
avatar
By YourLocalBookkeeper
08th Nov 2019 15:17

Thank you. This is useful and the generic response I was after to check my thinking.

Thanks (0)
Replying to YourLocalBookkeeper:
avatar
By JDBENJAMIN
08th Nov 2019 19:00

You can say that again.

Thanks (0)
Replying to DJKL:
avatar
By YourLocalBookkeeper
08th Nov 2019 15:17

Thank you. This is useful and the generic response I was after to check my thinking.

Thanks (0)
Share this content