Information on Suspense Receipts in RMS.
Suspense Receipts is a term used in RMS to describe the recorded movements of un-allocated Receipts system wide.
Cash Accounting properties will notice this total value of movements included on the Management Cash Report, Daily Cash Report and Generic Financial Export if selected.
The Total Charges and Total Receipts for any given date will ordinarily not equate to the same value, when they do it is usually coincidental.
Suspense Receipt Amount demonstrates the movements of additional funds that were not yet allocated to an actual charge anywhere in RMS, eg. Deposits or Overpayments.
Whilst Receipt Allocation to Charges is managed on an account by account basis in RMS, an overall record of movement of the un-allocated amount of all Receipts is retained by RMS per date.
- Recorded movement of un-allocated funds.
- Not individually recorded on a transaction by transaction basis.
- Used by Cash Accounting to track movements of funds.
- Will not include any Tax or GST as taxes are associated to charges and have funds allocated against them.
The below example represents a total of charges and receipts applied system wide on the basis no other financial data exists.
This simplified example is to demonstrate how Suspense Receipt movements occur when Receipt Allocation to Charges occurs in RMS.
|Day 1||Day 2||Day 3|
|Charges $100||Charges $100||Charges $100|
|Receipts $300||Receipts $0||Receipts $0|
|Suspense $200||Suspense -$100||Suspense -$100|
How could we improve this answer?
Can’t find what you’re looking for?
Our team of RMS experts are here for you!Submit a Question