Suspense account under Equity

Under my equity am having a figure for suspense, and the figure is from money i receive for petty cash. please help

The Suspense account is where Manager puts incomplete transactions. That is, debit do not equal credits. If you received money in petty cash, here are the steps:

  1. Enable the Cash Accounts tab via Customize in the left navigation pane.
  2. Create a cash account.
  3. In that account, click on the blue balance number.
  4. Next click on Receive Money if the money is coming from outside the company. Click on Transfer if coming from a company bank account.
  5. Complete the process, showing which account will be credited to offset the debit you are making to the cash account. (Manager knows this will be a debit to the cash account, so it will automatically make a credit to whichever account you choose.)

Notice when you do this that Suspense is the default account for the transaction. But never leave any transaction in Suspense, which is meaningless in accounting terms. It is there so the information is not lost.

If you don’t understand debits and credits, you are not ready to use Manager yet, because it is a double-entry accounting system. I recommend for comprehensive, free tutorials.

thank you very much

Hello Tut,

Help me too. Couldn’t trace this freight amount that just popped out under my suspense account.

Am I missing something?

Yes. You don’t just have the freight problem, you have three problems. There should never be anything in Suspense. Read this Guide: Manager Cloud.

Also read the Guides about adding accounts and setting up Accounts payable:

Hello Tut. Thanks. I still haven’t figured it out yet. This started when I corrected the starting balance of one freight account.

If you are transferring from another accounting system I suggest that you try this.

  1. Print off the closing Balance Sheet from the previous account System.
  2. Print off Manager’s Reports > General Ledger > Starting Balances report.
  3. Now reconcile the two reports by ticking off matching balances.
  4. If the Manager report has an unticked balance, then perhaps that starting balances shouldn’t have been entered.

help out this problem,

You should read the thread before adding responses to it. The solution to your problem was already given: Manager Cloud.

under cash account do i have create any sub account for sales receivable?

No. The Cash account field appears because you are in the Cash Transactions tab. This is where you select which cash account the transaction is being entered in, such as Petty cash or Cash register.

Your income account for the transaction is the Account field in the line item. Read the Guide: Manager Cloud.

If, by “sales receivable” you mean Accounts receivable, balances due from defined customers will be automatically posted there when you use a sales invoice, but not a cash receipt. See Manager Cloud.