GL Account/Payables?

USA Discussion in 'General Accountancy Discussion' started by Maria Martens, Feb 12, 2019 at 3:41 PM.

  1. Maria Martens

    Maria Martens

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    I am trying to wrap up year end so that I can get some accounts reconciled. However, one of our accounts which is very large and will need to be distributed amongst specific jobs after I get final numbers reconciled, needs booked.

    Which GL account should this number be booked to so that it is identifiable for distribution later?
     
    Maria Martens, Feb 12, 2019 at 3:41 PM
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  2. Maria Martens

    kirby VIP Member

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    If you are unsure of what is in the account, you can temporarily move the balance to "Suspense Assets" or "Suspense Liabilities" for later analysis. As you know, you will then need to quickly identify what is in that account and clear it out to the correct accounts before you can create accurate financial statements.
     
    kirby, Feb 13, 2019 at 1:08 AM
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  3. Maria Martens

    Maria Martens

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    Thank you... My brain is in such a fog, I can't believe I didn't think of this. I usually overthink things! Much appreciated.
     
    Maria Martens, Feb 13, 2019 at 7:04 PM
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