Add a bank suspense account

Bank suspense accounts are accounts that can be used to match / allocate transactions to, that appear in the bank statement that are allocated to control accounts. This is specifically useful when the origin of a transaction is not known and while investigation takes place, the transaction can be allocated to a suspense account.

Banking and transactions reside at a warehouse level and as such the bank control accounts and bank suspense accounts are linked to the warehouse entity.  The allocation of funds to the bank control and bank suspense accounts will be determined by the warehouse entity e.g. the warehousing entity for the loan will determine the control accounts to use for all transactions for the loan.  The warehousing entity for the investment will determine the control accounts to use for all transactions for the investment.

Bank suspense accounts are used specifically to allocate money to when bank statements are imported. There will be times when money appears in a bank account that either cannot be traced immediately or is out of the ordinary and as such, needs to be allocated to a suspense account (either as a temporary allocation or permanently).

1. Login to Clearmatch Fusion with the relevant credentials:

2. Navigate to Configuration > Organisational Structure: 

3. Select the Warehousing Entities option under the Entity section:

4. From the list provided, select the entity that the bank suspense account needs to be added to (via the Name):  

5. This will redirect to the Display Warehousing Entity page for the selected entity. Click on the Actions Panel  > Functions > Add Suspense Bank Control Account:

6. The Warehousing Entity will automatically default to the one that was selected in step 4, but enter the name of the account under Account Name:

Click on the  button to add the new suspense bank control account or the  button to return back to the Display Warehousing Entity page.

7. Once the account has added, click on the Bank Suspense Accounts association tab (or select it from the drop down list or via quick links, if enabled) (at the bottom of the page):

NOTE: Apart from the steps mentioned above, there is an alternative shortcut to create suspense accounts directly from the Bank Reconciliation menu. The instructions required to complete this are outlined below.

1. Login to Clearmatch Fusion with the relevant credentials:

2. Navigate to Banking > Bank Reconciliation:

3. From the drop down list, select the required Warehousing Entity:

4. Once selected, all of the items will be available under the menu headings. Select the Create a new suspense account option under the General section:

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