Suspense Account Query

1

Hello

I have a few queries regarding the Suspense Account.
My understanding of it is that it is a clearing account into which transactions are made if they are:

  1. Imported with no clear New Pay/Rec Rule
  2. Manager cannot categorise properly and defaults to it.
  3. Find and Recode can recategorise to it.

My questions are:
If I open those uncategorised pay/rec via Bank+ Cash Accounts, I get the option to create New P/R Rules. If I open suspense items via Summary Page, there is no New P/R Rule option, or, surprisingly an option to Find & Recode, ie to recategorise.

Why can uncategorised pay/rec, which are suspense categorised, subject to rule creation but other suspense items not?

Hope this post isn’t deemed too stupid!
Thanks

2

The suspense account is NOT a clearing account. See Clear transactions in Suspense account | Manager

More specifically:

Suspense is a built-in account where Manager posts transactions it cannot properly resolve

and

  • Many transaction fields in Manager default to Suspense until valid entries are made in them.

and

Any balance in Suspense signals a problem. Never attempt to clear the Suspense account with a journal entry. That only hides problems and usually makes both your Balance Sheet and Profit and Loss Statement inaccurate. Problems that caused transactions to post to Suspense must be identified and corrected.

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3

The suspense account is how Manager displays a data entry error.

In my opinion when the suspense account contains any entry later than any reports end date or Manager statement containing a cumulative balance later than a suspense entry, then that report / statement should print a banner stating:

“This report may not be accurate as the Suspense account contains one or more transactions”

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4

Thanks for the replies.

‘Suspense’ = DANGER
‘Suspense’ in imports= simply uncategorised.

Confused, so messed it all up!

5

That is also danger. Uncategorised accounts are in suspense until cleared because they demonstrate an accounting error. Manager indeed drops all that is incorrect in the suspense account to be reviewed. Sometimes it is as simple as forgetting to select a Customer in a Sales Invoice. It will be removed from Suspense when you correct the invoice.