Cash Suspense Accounts
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Overview of IL173
Cash Suspense Accounts are used as an offsetting account when making a financial adjustment to penalty amounts or reversing certain transactions (such as loan payment reversals). Anything in these accounts must eventually be cleared via a manual journal entry.
NOTE: You will also want to add the Cash Suspense Account to the checking account(s) in Checking Account Setup in order to process loan payment reversals.
- From the DDI Connect main menu, double-click Financial Services
- Double-click Data Processing
- Double-click Financial Services Administration
- Double-click Cash Suspense Accounts. You will see this screen:
To add a new suspense account, click the Add button on the toolbar. The fields will activate for editing:
The following fields are available:
Field | Description |
---|---|
Acct | The account number will default to the next available number on the screen |
Description | Enter a brief description of the suspense account |
GL Account | Enter the GL account for this suspense account. You can either manually type in the number or you can click the list icon to select from a list of active GL accounts in the system |
When you have finished adding the information, click Save.