Suspense Journals

Suspense Journals

Suspense account is used to balance the unbalanced journal entries. Suspense account will added automatically when you are going to initiate for posting.

Steps required for suspense journals:

Step1:

Define suspense account at our chart of accounts

Navigation:

Setup=>financials=>flexfields=>key=>values

1.       Select application title structure and segment.

2.       Add new line.

3.       Enter value description and qualifiers.

4.       Save your work and close.

Step2:

Map the code combination of suspense account at our primary ledger:

Navigation:

                                Setup=> financials=>accounting setup manager=> accounting setups

1.       Select ledger name and click on go.

2.       Select update accounting option tab.

3.       Update primary ledger.

4.       Click on next.

5.       Enter suspense account code combination.

6.       Click on finish and close it.

Step3:

1.       Post unbalanced journal.

2.       Require the journal.

NOTE: now you can see one more line was add by system with difference amount.

Step4:

NOTE: If you want to define suspense account for specific source and category then navigate to

Setup=>accounts=>suspense

1.       Enter ledger, source, category and account.

2.       Save your work

Additional information:

1.       Even though you have mapped the suspense account only for one balancing segment system automatically creates for the remaining balancing segments also.