Home
Welcome About SBI
My Blog
FREE Newsletter
Learn Bookkeeping 101
SBI eLearning
Definitions
Q&A Bookkeeping Q&A
Tax Questions
Tools Basic Forms
Free Tests
Helpful Links
Shop Supplies
File Your Taxes
Read Articles
Accounting News
Bookkeeping News
Income Tax News
Explore Jokes
Motivation
Testimonials
Make A Donation
[?] Subscribe To This Bookkeeping Site

XML RSS
Add to Google
Add to My Yahoo!
Add to My MSN
Subscribe with Bloglines


Comments for
Suspense Accounts

Average Rating starstarstarstarstar

Click here to add your own comments

Jun 07, 2010
Rating
starstarstarstarstar
Suspense Accounts
by: Bookkeeping Essentials

Sharron,

A suspense account is usually where you temporarily post an item when you don't know where it belongs. Once you do some research, you then reclassify the item to the correct account.

Sometimes clearing accounts are also referred to as suspense accounts. For example, when doing the books manually, your Income Summary account (used when you are closing the books for the year) is a suspense/clearing account.

Click here to add your own comments

Join in and write your own page! It's easy to do. How?
Simply click here to return to Bookkeeping Questions and Answers

Return to Suspense Accounts