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Jun 07, 2010
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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.

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