I wanted to accrue for accounting fees in the Balance and P&L.
I created a P&L-account: "Accounting Fees"
I created a Balance-account in the group Short Term Liabilities called "Accrued Expenses"
I created a journal entry:
P&L Acounting fess debit 1000,-
Balance Accrued expenses credit 1000,-
I expected to see the accrual in the balance under the heading “accrued expenses” for an amount of 1000,-
As a matter of fact, it is shown in the balance one line under “retained earnings” on an account called "suspense account"
Question: can anyone tell what went wrong.