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supense accounts

  • 8 posts
  • # 71589

hi i caqnt work out how do suspense accounts. im very stuck of them, i been through all the infor again and still dont under stand it :(

  • Fellow PM.Dip
  • Practice Licence
  • 258 posts
  • # 71597

Hi Kimmeey,

I am not sure I understand from your post, what is it that you don't understand about suspense accounts?

A suspense account is an account that is used for posting a transaction to when the bookkeeper does not know at the time what the transaction relates to.

The bookkeeper should then investigate the transaction and when he/she has found out what it is for then they must do a journal to post the transaction to the correct account.

The suspense account should ideally always be a "nil" balance.

Hope that helps?

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