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How do I clear the balance in a suspense account posted in the current fiscal year?

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Summary

How do we clean up the suspense account in General Ledger?

Cause

Entries post to a suspense account when General Ledger cannot determine the correct account number the entry should post to. This can occur when the General Ledger account number of a transaction does not exist, or the suspense account is used as a default account in another application.

Resolution

Follow the steps below to identify and correct entries that have posted to a suspense account in General Ledger.

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.
  3. Click OK.
  4. Click OK.

Print a ledger for your suspense account for the current fiscal year to date:

  1. From the Reports menu, select the Year-to-date Ledger.
  2. Click Conditions.
  3. In the Field section, select Account Type.
  4. In the Operator section, select Equal to.
  5. In the Value section, select Suspense.
  6. Click OK.
  7. Click OK.
  8. Click Start to print the ledger to a file or printer.
  9. Use the ledger to identify the periods in which entries posted to your suspense account.

Determine if a transaction record has an original account:

  1. From the Inquiry menu, select Account.
  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.
  8. Click OK.
  9. Double-click on the account to drill down to the transactions.
  10. Click Select, select Add column after this column, and then click OK.
  11. Select Original Account and then click OK.
  12. Click Print to print the inquiry.
  13. Click Close.

Record correcting entries:

If necessary, print batch reports, or review the account retrieval hierarchy in the application of origin to determine what these entries are and which 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.

After you have determined which accounts the entries should have posted to, determine if the correction should be made in the application of origin (where the entry originated from) or if you should record journal entries in General Ledger (Tasks, Record Entries) to reverse the entries from the suspense account and re-enter to the correct account. Use the original accounting date, if possible, so the rollback statements are in balance.

Notes:

  • You may need to change the Force Zero Proof setting to No if your entries cross different prefixes ( File, Company Settings, GL Settings, Processing Options). If you change the Force Zero Proof setting to No, always change it 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 clears 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.
  • If you closed your fiscal year with balance in suspense, see DocLink: Fiscal Year was closed with an amount in a suspense account in General Ledger.

DocLink: Why does the suspense account show a balance after I posted an adjustment?

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