[LJHooker Seaford]

I have just received an unknown deposit in our trust account (obviously a tenants rent - but no identifying who) I am going to receipt it into a suspense account until I can determine who's rent is actually is.
Once I do find out who it belongs to, what is the best way of transferring it as a rent payment.
I was thinking that maybe I could just reverse the receipt and re-do as a rent payment ???
Also, probably a silly question, but is is ok to reverse a receipt from a previous month ??
Many thanks for any help you can give - still very new to Console !!

Tracey Austin

[Sam Berryman]

Hi Tracey
If you have receipted the funds to an unknown creditor ledger the correct way to transfer this to rent is to reverse the receipt and redo to the appropriate tenant as you have described. It is fine to reverse a receipt from a previous month providing there are funds available in the unknown acct so when you set this acct up just ensure that the payment method in the details tab is set to none so the funds hold over from month to month. If you are interested in some remote training, I am a Console Gold certified partner and happy to help you out.
Samantha

[LJHooker Seaford]

Hello Samantha, thankyou so much for your very prompt response - you are such a gem !! I will definately keep you in mind for some training !!
Have a great week !!

[EmilyM]

Hi there,

Regarding unknown deposits, we get a few unidentified deposits ocassionally and I have always put them in adjustments. I spend a signicant amount of time trying to work out who they may be.

As I understand it, we can only keep adjustments for 2 days. Given this, and the fact that we can't always work out where they should be receipted to in such a short time, is it very common to use the suspense accounts in this instance?

Is this the main purpose of a suspense account??