1. Moving funds into the suspense account
Usually, bank lines will be assigned to the Suspense account by clicking the pencil icon against them and changing the Category to Business and the Subcategory to Suspense account.
Otherwise, the user can complete a double entry to move the funds from one ledger on the system to the suspense account.
For example, if a user was looking to move funds out of the business float and into suspense, then the following action should be used:
Navigate to Financials > Double entry
Within the Money out section, please populate the fields as below:
Category = The property
Subcategory = Business float out
Adjustment value = The balance to transfer
Within the Money in section, please populate the fields as below:
Category = Business
Subcategory = Suspense account
Adjustment value = The balance to transfer
Click Add Adjustment
The description can be populated for the agent’s reference.
Once submitted, two Balancing Payment (BP) lines will show on Bank > View bank lines. One will debit the Business float and the other will credit the Suspense account.
2. Moving funds out of the suspense account
The double-entry function can also move funds out of suspense.
For example, to move funds from the Suspense account to rent, the user should complete the following double entry.
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 invoice
Adjustment value = The balance to transfer
Click Add Adjustment
The description can be populated for the agent’s reference.
Once submitted, two Balancing Payment (BP) lines will show on Bank > View bank lines. One will debit the Suspense account and the other will credit the landlord's balance.