Bank lines can be added to the Suspense account by assigning:
Category: Business
Subcategory: Suspense account
Any transactions assigned in this way will be visible within Financials > Reconciliation under the Suspense account section.
It is recommended that any unidentified bank lines be assigned to the Suspense account until their purpose can be determined.
For example, if a payment has been received with the reference Rent and it is unclear which tenant the payment pertains to, the transaction should be assigned to suspense. Once identified, users should complete a Double entry to move the funds to the appropriate ledger.
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.
The Suspense account can also be used for transactions that include matching debit and credit entries and do not need to be allocated 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.
The Suspense account may also be used in situations such as:
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.