What Is a Suspense Account? Purpose and Usage Explained
A suspense account is the general ledger account that the company uses for recording transactions temporarily. When https://agromed.mx/portal/index.php/2024/07/01/overtime-calculator-for-overtime-pay/ recording those transactions, the accountant may be unsure of the type of account most appropriate to record those transactions. Auditors can trace the origins of transactions recorded in suspense accounts during an audit and verify their accuracy.…