What is a suspense account?

Question added by Shameer Nazir Madari , Assistant Finance Manager , METAL AND RECYCLING COMPANY K.S.C. (PUBLIC)
Date Posted: 2016/07/01

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by Brynn Bailey , National Operations Manager , NuMetro

It is an account in the books of an organization in which items are entered temporarily before allocation to the correct or final account.

How do we define suspense account ? Do you agree that use of suspense account has increased with increased use of ERP systems?
Top Answer: <p>A <strong>suspense account</strong> is an account used temporarily to carry doubtful ... See More

Answers (7)
What is suspense account? while transaction is not recorded is this involved in suspense account?
Top Answer: <p>Suspense Accounts is maintained for the entries in which one head is unknown and later should be ... See More

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Suspense account comes under which accounting type ?
Top Answer: Suspense account can be categorized under current assets or current liabilities. This account is tempora ... See More

Answers (2)
What is "suspense account" and how we treat it in chart of accounts during audit?
Top Answer: As per my understanding , Suspence account is a nominal account or testing account , that is normally use ... See More

Answers (1)

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