Our company has been taken over by a new owner. The new company has a new bank account. Some Customers have paid old companies invoices into new companies bank account by mistake. I have paid the total back to old company by cheque but now I am doing the bank rec I have receipts in (invoice payments) that do not belong anywhere. Can anyone suggest how I deal with these in Sage 50 . What makes a bit trickier is the receipts were in for july say but I did not raise the pay back cheque till august
Though I hate using the suspense account, I would debit 1200 (bank account) and credit 9998 (suspense) with the receipts and credit 1200/debit 9998 when the cheque goes out.
-- Edited by RobH on Wednesday 17th of September 2014 08:00:07 AM
Thanks so much Rob for that. As of interest why do you dislike suspense for this purpose. I had thought of using a spare nominal code but I was not sure which one to choose anyway. As I just 'do the books' , the accountant at year end will want to know what these transactions were. Thanks again anyway - I was beginning to lose heart trawling through Sage support for an answer!
Hi Marina,
I just hate how the suspense account is abused in general. Too often people stick loads of stuff in the suspense rather than finding out how to treat the transaction in the first place and at the year end there is an awful mess to sort out! It's fine for something like this as you will clear it quickly.
I tend to use an 'unallocated' Bank account - well you can call it whatever you wish - as long as you keep an eye on it and ensure its cleared then I cant see an issue with it. Just set it up as you would any other Bank account and post to it as usual.
__________________
Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
