The Current balance and Future balance don't update on a suspense account type when entries post for the prior year.

Complete the process below to correct your suspense account.

Record adjusting entries to suspense and the correct accounts

Record and post entries to reverse the amount from suspense and post to the correct account in the prior year. If you've already completed these steps, skip to the Correct balances section below.

Verify your General Ledger settings

1. Go to General Ledger, File, Company Settings, GL Settings, Ledger Settings.
2. On the Activity tab, verify that you select the Print references and Print batch numbers checkboxes.
3. Click OK, then click OK again.

Print the Year-to-date Ledger

Print a ledger for your suspense account for the prior fiscal year.

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 checkbox.
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.
7. Use your ledger to identify the periods with suspense account entries.

Check for original account

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.

Other items to review

If necessary, print batch reports, or review the account retrieval hierarchy in the application of origin. Determine what these entries were and what accounts you need to post them to. Contact your Sage Consultant or your accountant for assistance with finding the correct General Ledger account number.

Record adjusting entries

After you determine what accounts you want these entries to be in, record journal entries in General Ledger. Reverse the entries from the suspense account and debit or credit the correct account as appropriate.

Optional: Force Zero Proof setting

You can set Force Zero Proof to No in General Ledger settings if your entries cross different prefixes. See the setting in File, Company Settings, GL Settings, Processing Options. If you set Force Zero Proof to No, always set the option back to the original setting after you make your entries.

Optional: Open prior periods

Open posting periods to post entries for prior periods that completely clear the activity in the suspense account, if needed. If you don't want to post to the original periods, create reversing entries to your suspense account using year-end accounting dates.

This only corrects the suspense account as of the year-end accounting date you use and doesn't affect prior activity. Contact your Sage Consultant for assistance.

Correct the balances on the suspense account

• If you closed your fiscal year with an amount in suspense, correct the current and future balances.
• If you didn't close your year with an amount in suspense, you’re finished with this solution. Don't proceed further.

Correct the Current balance and Future balance boxes for your suspense account.

1. Verify that you have already reversed all the appropriate activity in your suspense account.
2. Turn on the Audit setup activity tool.
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're supposed to have a balance, edit the amounts so the correct balance remains.
8. Click Save, and then click Close.
9. Turn off the Audit Setup Activity tool.
10. Close the adjustment amounts to Retained Earnings. Do this if you posted entries to the prior year and to income/expense accounts in the steps above.

Did you know Sage can notify you when an amount posts to your suspense account? Sage MyAssistant can automatically notify you when your suspense accounts are carrying a balance into the new fiscal year. Learn more about Sage MyAssistant and contact sales for further information.

How do I reconcile General Ledger if it’s out of balance?