Hi there,
I have selected the Base currency and all the accounts created are characterized according to the base currency , but in summary it shows me a suspense account with 5 figures amount when im checking it it says Foriegn Exchange No edit option there and in view the amount is shown 0.
Can you post a screen image of the suspense account and drill down to see the source of the entries?
All those transactions in Suspense must be corrected. Read the Guide: Clear transactions in Suspense account | Manager.
Foreign exchange gains/losses are unrelated—and you have none.
You have another problem, however. Starting balance equity is an automatic account created by Manager to force your books to balance. It should always be zero. This indicates you have incorrectly set up starting balances. A start date and starting balances should only be used if you migrate to Manager from another account system. In that case, all starting balances should match ending balances form the previous system. Read Enter starting balances | Manager.
Thank you for your Prompt reply.
All those transactions in Suspense must be corrected. Read the Guide: https://www.manager.io/guides/7106.
I have searched the guide before regarding Suspense, But the issue im facing about it is Suspense Equity is only visible when accounting method is set to CASH BASIS. ( pictures attached in above post is from Cash Basis accounting method) If i switch to Accrual Basis the Suspense disappers and everything else changes.
Foreign exchange gains/losses are unrelated—and you have none
Exactly my point, they are unrelated to me but shown in Cash Basis amount comes in Credit and when i view it the statement shows 0. ( Please check my pervious images)
The other problem you are stating regarding the Starting balance equity, i will re-check and update it soon.
Btw thanks for your help, hope you could identify something.
Nothing you see will be correct until you eliminate the transactions that are in Suspense. They are all incorrect in some way, awaiting correction. You must track down their source and fix them. The fact that any foreign exchange gain or loss shows anywhere means you have something somewhere denominated in a currency besides PKR.
i have checked and rechecked each every transaction of Receipt and Payments and found no changes in currencies. Still i can see suspense account for foriegn exchange transactions which are never created .
It is not necessarily a Receipt and Payment transaction tion. It could be an invoice or journal entry.
i havent created any Journel Entry and Sales invoices are fine.
Foreign Exchange Gains & Losses can only exist if there is at least one transaction designated in another currency - so there must be something in another currency or perhaps without a currency - perhaps a custom report of g/l transactions with the currency field selected could point you towards the faulty transaction