- Original Poster
- #1
i have entered my opening balances for sales and purchase ledger, they are now in the suspense account. where should i be journaling them to from here.
opening balances
- Thread starter julie boik
- Start date
When you post the rest of the opening balances from a trial balance/balance sheet an entry will be required for both debtors and creditors these balances will also be posted to suspense thus reversing your ledger balance entries and making everything balance.
Jason
Jason
Upvote
0
Latest Articles
-
AI can do the typing. It can't sign the accounts.Back in January, a UKBF member called @Byzantium put up a complaint that'll sound familiar to a...- Lord Moore
- Updated:
- 6 min read
-
90,000 jobs are heading your way. Your rates bill might get there firstIf you run a business in Manchester, Birmingham, Leeds or Bristol, you were probably told some...- Ozzy
- Updated:
- 8 min read
-
How to Price a New Product or Service: We Asked UKBFOn 5 August, @Data Swami posted in the General Business Forum with a question that ought to have...
- Ozzy
- Updated:
- 7 min read
-
70 years of director bans in six months: Companies House has stopped asking nicelyCompanies House published a release on August 6th 2026 that every company director should read...
- Ozzy
- Updated:
- 7 min read
-
MTD for Income Tax: your first quarterly update is due 7 August.If you are a sole trader or landlord and your gross income from self-employment and property was...- maka
- Updated:
- 4 min read