Opening balance problem

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yves
yves Registered Posts: 28 Regular contributor ⭐
in General accounting discussion
Hi



Using sage have entered o/b journal and also entered debtors by invoice from manual system now have the debtors amount still sitting in suspense the debtors are correct in accounts how do I clear the suspense

also have accruals in suspense account as cannot reverse to individual nominals as I dont have the information from previous accuntant

any help would be much appreciated

yves

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  • Dcollins
    Dcollins Registered Posts: 179 Dedicated contributor 🦉
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    When you entered the debtors by invoice you'd have presumably credited turnover and credited VAT liability (if applicable), so all you need to do is;

    Dr Suspense with total debtors
    Cr turnover with net sales
    Cr VAT liability with VAT on sales

    Easiest thing to do for the accruals would be to ask the previous accountant for their schedule. Chances are some of the accrual will be the accountant's fee. So check the accountant's invoice. Other invoices dated after the opening balance sheet date may include amounts incurred before the start of the current period. Could be a time-consuming investigation, so might not be worth being 100% accurate if the value of the accrual is immaterial.

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