Did you know Sage can notify you when an amount has hit your Suspense Account? Sage MyAssistant can automatically notify you when your Suspense Accounts are carrying a balance into the new Fiscal Year. Notifying you before you even run into any errors. Contact our CRE Sales Team at 1-800-858-7095 or [email protected] for more information.

The Current balance and Future balance do not update on a suspense account type when entries are posted for the prior year.

If you have already recorded and posted entries to reverse the amount from suspense and post to the correct account in the prior year, skip to Section II.

Section I: Determine and record adjusting entries to suspense and the correct accounts

1. Verify your General Ledger settings.
   1. From the File menu, select Company Settings, GL Settings, Ledger Settings.
   2. On the Activity tab, verify that the Print references and Print batch numbers check boxes are selected. If not, select them.
   3. Click OK, then click OK again.
2. Print a ledger for your suspense account for the prior fiscal year as follows:
   1. From the Reports menu, select the Year-to-date Ledger.
   2. Click Ranges and select the suspense account.
   3. Select the Modify date range check box.
   4. In the Start date box, type the beginning date of your prior fiscal year.
   5. In the End date box, type the ending date of your prior fiscal year.
   6. Click Start to print the ledger to a file or printer.
3. Use your ledger to identify the periods in which entries posted to your suspense account.
4. Determine if a transaction record has an original account.
   1. From the Inquiry menu, select Entries.
   2. Select Current and then click OK.
   3. Click Conditions.
   4. In the Field section, select Account.
   5. In the Operator section, select Equal to.
   6. In the Value section, type your suspense account number.
   7. Click OK twice.
   8. Click Select, select Add column after this column, and then click OK.
   9. Select Original Account and then click OK.
   10. Click Print to print the inquiry.
   11. Click Close.
5. If necessary, print batch reports, or review the account retrieval hierarchy in the application of origin to determine what these entries were and what accounts they should have posted to. Contact your Sage 300 construction and Real Estate Consultant or your accountant if you require assistance in determining the correct General Ledger account number.
6. After you determine what accounts you want these entries to be in, record journal entries in General Ledger (Tasks, Record Entries) to reverse these entries from the suspense account and debit or credit the correct account as appropriate.
   • Note: You may need to set Force Zero Proof to No in General Ledger settings if your entries cross different prefixes (File, Company Settings, GL Settings, Processing Options). If you set Force Zero Proof to No in General Ledger settings, always set the option back to the original setting after you make your entries. You may also need to open posting periods to post entries for prior periods which completely clear the activity in the suspense account. If you do not want to post to the original periods, you can create reversing entries to your suspense account using year-end accounting dates. However, this only corrects the suspense account as of the year-end accounting date you use and does not affect prior activity. Contact your Sage 300 construction and Real Estate Consultant if you require assistance.

Section II: Correct the balances on the suspense account

If you closed your fiscal year with an amount in suspense, correct the Current balance and Future balance boxes for your suspense account. If you did not close your year with an amount in the suspense account, you are finished with this solution and do not need to proceed further.

1. Correct the Current balance and Future balance boxes for your suspense account as follows:
   1. Verify that you have already reversed all the appropriate activity in your suspense account according to step 6 above.
   2. Turn on Audit setup activity. Refer to article ID 17021 "DocLink: How do I use Audit setup activity?"
   3. From the Setup menu, select Accounts.
   4. Click Start to print your audit journal to a file or printer.
   5. Click List, select your suspense account, and then click OK.
   6. Select the Balances (Accrual) or Balances (Cash) tab as appropriate.
   7. Delete the balances in the Current balance and Future balance boxes. If you are supposed to have a balance in the Current balance or Future balance boxes, edit the amounts as appropriate so that the correct balance remains.
      • Example: You had a suspense account entry in December, closed your fiscal year, and then had an additional entry to suspense in March. In order to correct the December entry, record journal entries to reverse the December entry and then adjust the Current balance and Future balance boxes so that only the March amount remains.
   8. Click Save, and then click Close.
   9. Turn off Audit setup activity. Refer to article ID 17021 "DocLink: How do I use Audit setup activity?"
2. If you posted your entries in Step 6 to the prior year and to income/expense accounts, use Tasks, Close Fiscal Year to close the amounts to Retained Earnings. Refer to article ID 17502 "DocLink: How do I close prior year adjustments to retained earnings?"