Tally entries suspense & journal - receipt generation

A/c entries 22489 views 4 replies

Ravishankar K

Accountant

461 Points Joined March 2011

Dear Friends,

While generating receipt in tally i usually enter in tally and directly take the printout, but during receiving NEFT transfers the person / student who did neft transfer did not intimate to us that he has done neft transfer so after waiting for 5-10 days when i did not get any information i passed one receipt entry as

Bank ac dr 20000
suspense ac cr 20000

now when the student informed that he has paid the fees i did passed one journal entry as:

suspense ac dr 20000
abc course ac cr 20000

now in usualcases i enter bank receipt and generate the receipt in tally itself
like
bank ac dr 20000
abc course ac cr 20000
so the candidate receives the receipt then and there itself,

in this scenario how can i give a reciept because the bank receipt is for suspense ac only and does not contain the candidate name.

And journal voucher is passed for transferring the amount from suspense ac to course fees ac

Do i need to generate manual receipt or what should be my procedure in tally so that the amount booked in suspense ac while transferring to course ac with student name can be also formed to generate a receipt.

Please guide me

REgards,

Ravi

Replies (4)

Varshit Shah

Self Employed

676 Points Joined November 2008

Sir the practice you are following to clear suspense account is not proper. You should enter name of the student as and when you get the details at the place you have entered SUSPENSE account. At the end of the the year there should not be a single entry in suspense account. Follow this procedure your problem will automatically get resolved. You should not pass second entry by debiting Suspense account.

Ravishankar K

Accountant

461 Points Joined March 2011

can you please clarify with an example you mean if on 02 jan 2013 i create suspense ac as the NEFT details only contains UTR No, Fee Amt and name of person who did NEFT, now not necessary student do neft they also ask their parents relatives to do neft so in such case only parents name comes in neft.

ANd without their email we cannot be sure its their paid money, hence receipt cannot be generated then and there, afterwards if on 10 jan 2013 ithe student comes and informs about neft, you want me to modify the 2 jan 2013 entry and take suspense a/c and put income account???? As our tally is all connected with HQ, they ask us not to change any voucher which is too backdated, as it will create issue in synchronisation wtih HQ data.

Can you practically demonstrate the entries to be passed.

V P Narasimhan

Accounts Manager

793 Points Joined November 2008

Dear

Normally SUSPENSE a/c should not be entertained it has to established in case any difference in the books of a/c viz., in TB/P&L a/c. To overcome this difficulties we can account it as "Advance for abc course" or so. The same can be regularised later. Try this.

Ravishankar K

Accountant

461 Points Joined March 2011

please explain sir, as some person had deposited neft without intimation to us, we knew it was for some course or exam but we did not knew the exact purpose and name of student hence i thought best is to keep this in suspense account under current liabilities until the student gives details.

Can you please give sample entries.