Hi everyone,
I'm trying to clear a complex transaction on the suspense account from last year. This relates to bank transfer made for services provided through a project last year. The bank transfer was for a portion of the revenue & was recorded as : Dr. Bank cr. suspense. the other portion of the revenue was made though card payment but it was discovered that it was not recorded at all. During the last fiscal, a full refund was issued for the entire amount. Since the year was closed and the project has also closed, I was thinking of the following entries to offset : 1) to clear the suspense account for the partial revenue: Dr. suspense cr. misc. assets (or equity) 2) for the unrecorded revenue from last year: Dr. misc. assets Cr. Equity
Appreciate your input! It is an inherited situation that I would like to clear.
I'm trying to clear a complex transaction on the suspense account from last year. This relates to bank transfer made for services provided through a project last year. The bank transfer was for a portion of the revenue & was recorded as : Dr. Bank cr. suspense. the other portion of the revenue was made though card payment but it was discovered that it was not recorded at all. During the last fiscal, a full refund was issued for the entire amount. Since the year was closed and the project has also closed, I was thinking of the following entries to offset : 1) to clear the suspense account for the partial revenue: Dr. suspense cr. misc. assets (or equity) 2) for the unrecorded revenue from last year: Dr. misc. assets Cr. Equity
Appreciate your input! It is an inherited situation that I would like to clear.