Suspense account when using personal bank account

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When I first started using FreeAgent, I'd already been trading as a sole trader for a number of years using my personal bank account. As a result I entered my opening balance for the bank account. My suspense account now shows an amount in credit to the same value. Is this correct? Obviously as I was using my personal account at the time a lot of the transaction had nothing to do with the business.

I have since changed the status of the business and now operate with a business bank account (not sure if that matters!)

Thanks in advance!

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Stuart Jones February 12, 2012 19:34

This may help you sort it out

http://www.3caonline.com/2010/12/free...

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This may help you sort it out http://www.3caonline.com/2010/12/freeagent-entering-the-opening-balances/

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Charissa (Official Rep) February 13, 2012 10:13

Hi Ellbo,

Thank you for contacting us.

It sounds as though you still need to enter your opening balances like so; http://www.freeagent.com/support/kb/g...

If you had been trading for a time before starting with FreeAgent, this is the way in which to bring forward your financial information into the account.

I hope this helps.

Kind regards,

Charissa

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Hi Ellbo, Thank you for contacting us. It sounds as though you still need to enter your opening balances like so; http://www.freeagent.com/support/kb/getting-started/opening-balances If you had been trading for a time before starting with FreeAgent, this is the way in which to bring forward your financial information into the account. I hope this helps. Kind regards, Charissa

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Ellbo February 13, 2012 13:55

Thanks for the replies, I actually think I've entered this completely wrong - the positive value in my account when I started using FreeAgent was in no way related to the business. I'm guessing that I should have entered 0 as my opening balance.

Does that make sense?

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Thanks for the replies, I actually think I've entered this completely wrong - the positive value in my account when I started using FreeAgent was in no way related to the business. I'm guessing that I should have entered 0 as my opening balance. Does that make sense?

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