Adding a Year End Suspense Account

Related Link

Accounting Setup - Set Suspense Account- Required Account

 

Description

A Year End Suspense account  required account used for making the offsetting entry for the Close Year. It is used when performing the GL Year-End Close to keep the General Ledger in balance when you are retaining the previous year’s transaction history. A community's suspense account can now be set to any valid expense account. 

If you haven't added your Year End Suspense Account to your Chart of Accounts, follow these instructions. 

 

This guide will give you step-by-step instructions on how to create a Year End Suspense account. 

 

 Step By Step

1. Click General Ledger then Chart of Accounts 

 

2. Click Actions then Edit

 

3. Under Add Account, Enter 9999 in Acct# then Year-End Suspense then Add 

4. click Save

5. You will see your account at the bottom of the page

 

 

 

 

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