Forum Discussion

Kat4's avatar
Kat4
Experienced User
3 years ago

Suspense Account

I have made a payment but I'm still waiting for the boss to get an invoice for the transaction and then I can allocate it to the correct expense.  I've been told to put the payment in a suspense acco...
  • IanChait's avatar
    IanChait
    3 years ago

    Hi Kat4 

     

    I set up a Suspense account as a 2-9999 Liability Account, Type Credit Card. Others like to have it as an Other Expense Account on the P&L 9-9999

     

    Set up the Suspense Account, and then code the payment to that account using the N-T tax code. When you find out what it was for, if still in the GST period, you can edit the transaction with the correct account and GST code. If you have already closed the period, or lodged a BAS for the period the transaction is in, you should record a General Journal debiting the correct account, and crediting Suspense, using the current GST quarter date such as 1/10/21.

     

IanChait's avatar
IanChait
Ultimate Partner
3 years ago

Hi Kat4 

 

I set up a Suspense account as a 2-9999 Liability Account, Type Credit Card. Others like to have it as an Other Expense Account on the P&L 9-9999

 

Set up the Suspense Account, and then code the payment to that account using the N-T tax code. When you find out what it was for, if still in the GST period, you can edit the transaction with the correct account and GST code. If you have already closed the period, or lodged a BAS for the period the transaction is in, you should record a General Journal debiting the correct account, and crediting Suspense, using the current GST quarter date such as 1/10/21.

 

  • Kat4's avatar
    Kat4
    Experienced User
    3 years ago

    Thanks Ian, I will try this and see what the Accountant says - hopefully it will be sorted before end of reporting period.