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Dynamics 365 Community / Forums / Microsoft Dynamics GP (Archived) / $100 in suspense
Microsoft Dynamics GP (Archived)

$100 in suspense

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Posted on by Holly Elsner 40

I have $100 in suspense that appears on our FRX report. The drill down viewer does not allow for an exact location of the suspensed items location.

Our accounting department is very simple, we pay grants and do not have any accounts receivable....only payables. Does anyone have experience with pinpointing the exact transaction that put the money in a suspense account? And once found, what is the best process for clearing the suspensed total? I do not believe we have the functionality for credit memos.

My best guess at this point is....a transaction was entered with the debit (purchase) being put against the payable rather than the expense account. It appears the debit/credit was backwards between the expense and payable accounts....the mistake was caught and "voided" but not until just before the check was cut. In the check printing/processing window...the drop down menu was used to select "void", this does not appear to void transactions in the same manner as full historical/open void does and the $100 voided is in limbo. Any help is much appreciated, I'm hoping someone has some suggestions but fear this is an exceptionally odd occurance.

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  • Mike Smith Profile Picture
    Mike Smith 6,840 on at

    With the void occuring in the Purchasing module, has the void been processed and posted in Purchasing and Fianancial series?  FRX (while I'm no expert), has the ability to report on posted and unposted transactions at the GL level.

    To find out exactly what happened, you could run a detailed trial balance from the Financial series for the account that is off to help pinpoint the exact issue and then run some reports and inquiries from Purchasing to finally figure out the full extent of what happened.

  • Holly Elsner Profile Picture
    Holly Elsner 40 on at

    Thank you for your response Mike. I had already tried something similar to your suggestion, but it did however make me take another look with a slightly different approach. After some additional digging, it now appears that the transaction/scenario I provided, may not be the culprit for the $100 in suspense. There was a transaction (a check) that was issued in 2011, and voided in 2012. The void and posting date was not changed to 2012 and the transaction was set to post to 2011 after we did our year end close. Because of the period being closed, FRX picked up this $100 check because it had nowhere to apply it and placed it in suspense, in our G/L it's a one sided entry which means an adjusting entry will not work.

    Do you have any knowledge on the best approach for this? Hoping a reversing entry may work but our company does not utilize this function typically....but we've also never had money in suspense before. Would love to hear your take on this. Thanks!

  • Heather Roggeveen Profile Picture
    Heather Roggeveen 9,146 on at

    Hi

    It is impossible for it to be a one-sided entry.  A cheque will typically Debit accounts payable and Credit the bank.  

    If FRx has put it into suspense, then it must be the result of a calculated field or otherwise that says "if there is an out of balance, report it as suspense".  FRx simply reads the GL accounts or calculated fields it is set up to read.

    If you are seeing it as a "one-sided transaction", then most likely the original coding of the cheque (maybe it went directly through the bank using Miscellaneous Cheques) may have been to Debit an expense account and Credit the bank.  When the payment was voided, it will then have Credited the expense and Debited the bank.  If this is the scenario, then the system will automatically roll the additional $100 in the expense account into Retained Earnings.

    To see if this has happened, have a look at the summary enquiry for the Retained Earnings account.  You may see an additional $100 if you drill into the opening balance line.  This should also tell you where it has come from.

    You need to forget finding it using FRx and find it directly in GP.  The transaction will be there with the GL posting that happened at the time.  If you know the date the transaction was voided, you can use Smartlist or similar to track it down.

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