Problem with suspense account

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  • Problem
  • Updated 4 weeks ago
  • (Edited)
For some reason I have a large amount in a suspense account. 

I've read the previous posts on how to fix this but unfortunately they haven't helped, as all my opening balances seem to be fine.

I've changed several bank accounts this year trying some of the new ones out there, and have moved money around, but everything seems OK except for this one problem I can't account for.

Is there a way to trace back my changes to see where this problem came from?

If not, is there an accounting trick, like a journal entry I can use to balance the payment and write off the money?

Or should I add some funds from my own pocket into a capital account?
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David Reay

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Posted 4 weeks ago

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Kirsty Ross, Employee

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Hi David,

Thanks for your message.

I'm afraid that I can't provide you with an accounting trick to write off the money, sorry. Doing this would mean that your accounts wouldn't be accurate, as the value in your suspense account means that this value is missing elsewhere :-)

Have you referred to our article on entering your opening balances, and taken them from the Trial Balance from your old bookkeeping system? https://support.freeagent.com/hc/en-gb/articles/115001223384-Opening-balances

I'm afraid that FreeAgent doesn't have an audit trail so there's no way to trace back your changes that way.

Perhaps your accountant can help you identify what's resulted in the value in your suspense account? 

Kind regards,

Kirsty