Suspense account

A suspense account is essentially a bookkeeping technique for keeping track of funds that have been received but the reason why is unknown or there are issues with those funds. These funds can be held in the suspense account for a brief period until ready to allocate correctly.

Head to the accounting (left side panel at the bottom) > bank accounts > 'view suspense account'.

This will bring up the suspense account where you can add money, view the list of entries in the suspense account and transfer money out.

When first setting up your accounting in Street, you may need to add an opening balance in your suspense account. To do this, click the 'add opening balance' button to let Street know how much money is currently held in your suspense account within your client account.

Money can be added to the suspense account directly from the suspense account page or on the Receipt and Reconcile page.

On the suspense account page, click the 'add to suspense account' button.

Here you can receipt money in as usual, entering the amount, date and reference etc.

On the reconcile page, click 'more' on an unlinked payment and click 'add to suspense account'.

On the suspense account page, find the entry you need to transfer out and click the 'transfer' button.

This will bring up the 'transfer money' page where you can choose which ledger to transfer to, the amount to transfer and set the description.

To choose which ledger to transfer to, first select what type (lettings application, tenancy, owner, contractor, agency) and then search for the person/property/contractor and select the correct entity.

When all of the details have been entered, click 'confirm transfer' and the money will be removed from the suspense account and added to the selected ledger.

To edit a suspense account entry click the three dots on the right hand side of the entry and click 'view info' to see a breakdown of the receipt and edit the description.

To void an incorrect suspense account entry, click the three dots and click 'void entry'.

Any money held in your suspense account that was receipted in over 6 years ago will automatically have the tag 'dormant funds' applied.

The tag is for unclaimed client account funds, and within this tag, we’ve also provided a link to donate the funds to The Propertymark Trust which all goes back into helping our industry.

The Propertymark Trust is set up to provide help to members where it’s needed most, whether that’s support during financial hardship or educational grants to become a better-qualified agent.