What is suspense account? When it is opened?

Question

22 Sep 2022

Answer :

Word Count : 262

A suspense account is an account used temporarily to carry doubtful entries and discrepancies pending their analysis and permanent classification.

It can be a repository for monetary transactions (cash receipts, cash disbursements and journal entries) entered with invalid account numbers. The account specified may not exist, or it may be deleted/frozen. If one of these conditions applies, the transaction should be directed to a suspense account.

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