Go Back   Internet Business Forums > Money & accounts

Reply
 
Thread Tools Search this Thread Display Modes
Old 03-10-2007, 09:22 PM   #1
Eloise
Junior Member
 
Join Date: Oct 2007
Posts: 2
Default Mispostings

Hi

Can someone please tell me the purpose of the misposting account and where it appears in the month-end/year-end accounts. At the moment I use it to remove errors.
Eloise is offline   Reply With Quote
Old 04-10-2007, 06:13 PM   #2
DavidToohey
Member
 
DavidToohey's Avatar
 
Join Date: Aug 2007
Location: Poland
Posts: 79
Default Re: Mispostings

I would expect this is a Suspense account... for errors, unknowns etc that need to be sorted.

Personally I never use it & sort it as I have seen these accounts build up in companies in the past and never get sorted.

I am not sure in the UK where they would normally keep those accounts. I would personally put it on the Balance Sheet, but it may depend what items are going in there.
DavidToohey is offline   Reply With Quote
Old 05-10-2007, 06:27 PM   #3
frauke
Member
 
Join Date: Aug 2007
Location: Hampshire
Posts: 64
Default Re: Mispostings

Yes - I normally call this the Suspense account too - an account to sort out errors/adjustments to be made within 30 days.... Because I don't allow mine to be to build up, I've always left it on the P&L - but thats also a way of getting rid of it at year end. If on the B/S it could make the accounts misleading if left uncontrolled!

I have seen it used like a "misc or sundry expenses" because the person using it, does not know where else to post the correction! Then it has also been on the P&L.
frauke is offline   Reply With Quote
Old 06-10-2007, 06:44 AM   #4
DavidToohey
Member
 
DavidToohey's Avatar
 
Join Date: Aug 2007
Location: Poland
Posts: 79
Default Re: Mispostings

Hey Frauke... a good concept... sorting it within 30 days. When I had clients that would post to these accounts, I just sorted it all before the Management Accounts were done, so monthly or quarterly.

Sometimes easier to clear it out with the P&L... but it can depend on what is in there. eg A Dr £200K and Cr £199K... can show Dr £1K so looks minor. Small business, not a problem.

When in London working for a largish group they had one of those uncontrolled suspense accounts. I did get stuck into it and there were a few things I identified, including a £22.5K overpayment on a lift installation... the installer was keeping quiet and this money wasn't easily noticable in our accounts. In the end I found about £35K in that account which we could get back from people. Just an example of an occassion when not clearing it is worth it!

Where judgement kicks in... paying me £x per hour for a couple of days sorting out tens of thousands is ok... but to spend time sort out a few quid that is posted there because someone is not sure... like you said, let it go.
DavidToohey is offline   Reply With Quote
Old 06-10-2007, 07:08 AM   #5
DavidToohey
Member
 
DavidToohey's Avatar
 
Join Date: Aug 2007
Location: Poland
Posts: 79
Default Re: Mispostings

Eloise

Sorry, I am not sure if your question was clearly answered.

The misposting account would be a temporary account to put items that were not posted in the correct account, but should be eventually corrected and posted to the correct account. Reasons may be along the lines of waiting on paperwork to show breakdown & tax.

Errors wouldn't actually be corrected by posting to this account... only to the account they should have been posted to in the first place, although in Sage I know sometimes a 'stepping stone' is needed to move transactions.
DavidToohey is offline   Reply With Quote
Old 07-10-2007, 07:43 PM   #6
Eloise
Junior Member
 
Join Date: Oct 2007
Posts: 2
Default Re: Mispostings

Hi Everyone

Thank you for replying to my post. It is as I thought, although, I have been misinformed by someone inhouse (I am obviously a novice). I do appreciate all your reply's and shall take my newly acclaimed knowledge into work with me on Monday.

Eloise
Eloise is offline   Reply With Quote
Old 04-10-2010, 09:41 AM   #7
gorky
Junior Member
 
Join Date: Oct 2010
Posts: 1
Default Re: Mispostings

Hi,

Can anybody help me with my question?

Our company made a payment in 2009 which is related to a job completed in 2008. (it is an administrative cost). I'm trying to prepare financial reports of 2009 and is it correct to book this payment in "mispostings account" or where should i book this payment?

Thanks.
gorky is offline   Reply With Quote
Old 08-10-2010, 09:12 AM   #8
MatthewC
Junior Member
 
Join Date: Aug 2010
Location: London & Leicester
Posts: 14
Default Re: Mispostings

Hi Gorky - was it for something that was recorded in your 2008 accounts but was paid in 2009 or was it for something that should've been posted in the 2008 accounts but wasn't?
MatthewC is offline   Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump


All times are GMT +1. The time now is 03:26 AM.


Powered by vBulletin® Version 3.8.5
Copyright ©2000 - 2018, Jelsoft Enterprises Ltd.

All times are GMT +1. The time now is 03:26 AM.


Powered by vBulletin® Version 3.8.5
Copyright ©2000 - 2018, Jelsoft Enterprises Ltd.