suspense acc

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
Hi <BR><BR>can anyone help what is the suspense account for (Know it's something to do with trial balance) but what does it do and what would the postings be

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  • System
    System Posts: 100,534 🤖 Admin 🤖
    suspense acc

    Hi<BR><BR>If you find that your trial balance doesn't agree (after you have checked for any errors), you would make a posting to suspense to allow your TB to balance (making the posting to whichever side is smaller). Then once you had the chance, you would check your accounts further to actually find the error, then you would take the amount out of suspense and post to the correct account, making entries into the Journal to show how the error is to be corrected.<BR><BR>All the best<BR><BR>Tracy<BR><BR>
  • System
    System Posts: 100,534 🤖 Admin 🤖
    suspense acc

    Hi Tracy<BR><BR>Thanks for that ! Good luck with exams <BR><BR>Tracy

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