I have created a billable item and also invoiced to customer.
Now- I have my
Billable Income/Cost/Invoice properly recorded. But exact balance remains in suspense account for CREDIT in Balance sheet.
What is the issue? Can someone advice? Thanks
First, do not publish personal information on the forum. Your post was edited to remove your email.
Second, please provide more detailed information. Are you referring to billable time or a billable expense? How did you invoice it? What do you mean when you say you have your “Billable Income/Cost/Invoice properly recorded?” (Those terms are not used in the program.)
Third, have you read and followed appropriate Guides:
https://www.manager.io/guides/5503
https://www.manager.io/guides/9652
https://www.manager.io/guides/6935
https://www.manager.io/guides/5502
https://www.manager.io/guides/7106
Fourth, you will need to post screen shots of relevant transaction Edit screens to obtain answers to your questions. Simply telling us something remains in Suspense and expecting someone to know why is not feasible.
Hi, Thanks for the guidelines.
1.I create a billable item by Generating a Journal after activating billable item.
The entry I am getting after Billable item is
Billable Items- Asset (Debit )
Customer Item (Un invoiced Debit)
Billable Item Cost (Debit)
At this stage when I see the summary, I am seeing an Equivalent amount under Suspense (Liabilities ) in balance sheet.
- On Generating invoice from customer balance- Uninvoiced Item, I am seeing results as
Billable Item- Asset is cleared,
Customer Item Invoiced.
And all my billable Item journals are shown as unbalanced also.
Hence my query as to
a. How to balance the Billable item journal
b. How to adjust/clear suspense account in Liabilities.
@nanbann, you are not following the Guides. As a result, you are doing many things incorrectly.
While it is possible to record billable expenses with a journal entry, that is almost never appropriate. It appears that you are actually purchasing items with business funds on behalf of the customer. This should be done with a payment, not a journal entry. Journal entries in Manager are rare. Trying to do this with a journal entry overlooks the leg of the transaction affecting the bank or cash account.
Also, you have not answered any of the questions in the second paragraph of my previous post. And showing View screens of transactions is not useful. I asked for Edit screens, where all relevant information can be sen. The one entry for which you show a View screen is unbalanced because you entered it that way (no credit).
Study the Guides I linked. Set up a test company, if necessary, to explore how things work. The features work quite well.