Kindly enlighten me on what goes into the suspense account and how to work with it.
Anything you fail to code correctly or completely will go to suspense. i.e. if Manager doesn’t have enough information to correctly book the requried double entry accounting for the tranaction is will put the ‘incomplete side’ of the entry to suspense. So if you have a balance there it tells you that you have something you need to fix.
e.g.
- Journal entries where debits don’t equal credits (the difference goes to Suspense)
- Uncategorized transactions where account is not selected on line item (the line item amount goes to Suspense) or for control accounts such as receivables or payables where the line isn’t coded to a customer or supplier etc.
It’s one of the nicer features of Manager. Essentially anthing booked to suspense tells you your data entry is incomplete and allows you to quickly track down and back to the incomplete transactions and fix them.
Hope that helps.