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What is suspense Account?
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Answer Posted / sajili sahai
In accountancy, a suspense account is an account used temporarily to carry doubtful receipts and disbursements or discrepancies pending their analysis and permanent classification.
It can be a repository for monetary transactions (cash receipts, cash disbursements & journal entries) entered with invalid account numbers. The account specified may not exist, or it may be deleted/frozen. If one of these conditions exist, the transaction should be directed to a suspense account.
A suspense account is an account in the general ledger in which amounts are temporarily recorded. The suspense account is used because the proper account could not be determined at the time that the transaction was recorded. When the proper account is determined, the amount will be moved from the suspense account to the proper account.
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