Bank lines can be added to the suspense ledger by assigning the Category= Business and the Subcategory = Suspense account.
Any items assigned here will be visible in Financials > Reconciliation in the Suspense account section.
It is recommended that any unidentified unassigned bank lines be assigned to the suspense account until their purpose can be determined.
For example, if a payment has been receipted with the reference Rent and it is unclear which tenant this pertains to, the transaction should be assigned to suspense. Once identified, users should complete a Double entry to move the funds to the correct place.
In this case, the double entry would be as follows:
Navigate to Financials > Double entry.
Within the Money Out section, please populate the fields as below:
Category = Business.
Subcategory = Suspense account.
Adjustment value = The balance to transfer.
Within the Money in section, please populate the fields as below:
Category = The property
Subcategory = Rent in with the appropriate management fee percentage.
Rent period = the relevant rent invoiced.
Adjustment value = The balance to transfer.
Click Add Adjustment.
Another use for the suspense account would be to assign transactions with corresponding credit and debit entries that do not need to be reported elsewhere in the system.
For example, if a payment to a landlord has bounced back, this would result in two lines:
The debit payment to the landlord
The credit of the returned funds
In this case, both could be assigned to Business > Suspense account to balance against each other.
The payment to the landlord can then be made again, and the debit can be matched against the property.
Other examples where this method could be used would be:
A tenant of a property that is no longer managed has paid their rent, and it needs to be returned.
A payment is made to the client account in error and needs to be transferred to another account.
An incorrect contractor has been paid, and they have returned the funds.