Suspense Account
Who can explain a "suspense account"? How is it used? What is it used for? What account is debited and which is credited? What type of account is it, ie; Equity, Expense, ??
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aKx5DdJ1Or35gyacfA8pyY
07/14/10 8:12am PDT
Viewed by asker 10/29/11 7:09am PDT
Viewed by asker 10/29/11 7:09am PDT
3 Replies
raywhite28
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07/14/10 8:14am PDT
Generally, it's an expense account. It is use when you don't know where to post an entry. THen your accountant will help you.
It should always be 0.00
Hope this helps. If so please mark solved, if not please ask more questions. Thanks!
07/14/10 8:34am PDT
Answer was helpful, but also need to know how to use it in an equity account--and please tell me which account is debited and which one is credited?
RekaUjj
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07/15/10 12:10pm PDT
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We can tell which account to debit and which account to credit if you give us a description of the transaction (what do you want to record?). The Suspense account in some chart of accounts is called: Ask My Accountant. So you post that side of some transactions into this account that you don't know where to put. It can be either debit or credit. There is always only one Suspense account. If you go with Ray's advice and set it up as an Expense account, it will never show up in the equity section.
You asked in your last comment: "How to use it in an equity account?". I do not understand this question. We do not use one account "in" another one. So could you clarify? What does the Suspense account has to do with any of the equity accounts?
Reka
Please mark the post Solved or give me a "thumbs up" if I could help.
