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Suspense account accounting policy

hemanth p s (articled trainee) (29 Points)

30 July 2018

anyone have accounting policies sample related to suspense account clearing..Urgent!!!!!!!!

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Ruchika Somani (Coaching and Practice in Tax Audit Law.) (4429 Points)
Replied 30 July 2018

Originally posted by : hemanth p s
	anyone have accounting policies sample related to suspense account clearing..Urgent!!!!!!!!

There is no accounting policy for suspense.

What exactly is in suspense needs to be cleared until filing return

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hemanth p s (articled trainee) (29 Points)
Replied 30 July 2018

thanks for the reply.But the mgt wants that there should b some norms should b there regarding suspense account.For e.g. our business is related to money transfer and agents from abroad deposit fund with a unique deposit code.Sometimes agent wrongly puts the code and so the system can't recognise the deposit code and amount is transferred to suspense account instead of crediting agent account.

Ruchika Somani (Coaching and Practice in Tax Audit Law.) (4429 Points)
Replied 30 July 2018

So note the amount and Codes input by agents and cross check with existing codes along with those agents account who havent made the deposit.

May b it will help u

2 Like

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 30 July 2018

Yes... I agreed to Ms Ruchika Somani.,

Find out the amount from which agents... Finally it's not possible then You ll consider with Your management and transfer the amount as Current Liabilities head as Loans and Advances...

It will help after find out trace out the payments...

1 Like

prasad Nilugal ( GST Practitioner & Accounts ) (14801 Points)
Replied 30 July 2018

Suspense account is for our convenience that amount should somewhere accounted .All amount in suspense acount should clear before balancesheet in that F.Y .

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RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 30 July 2018

Dear.,
It's regular practice. Even can't find out the details as per above money lender then he can move it to current liability head...

1 Like

S ELAVARASI (ACCOUNTANT) (2975 Points)
Replied 30 July 2018

Suspense account will be solve at the time of finalise...

Otherwise it will be treat liability

prasad Nilugal (3914 Points)
Replied 31 July 2018

It's better to clear before balance sheet

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 31 July 2018

Yes.... I agreed 100% to You. In case it's not find out in anyway then what?

Shrishail Soddagi (6 Points)
Replied 25 August 2018

Before the balance sheet it must clear.

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RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 25 August 2018

If not then what?

ABHIJIT MANNA (ACCOUNTANT) (447 Points)
Replied 28 August 2018

When I checked a company A/c I found that there was a difference between tally and balance sheet before 3 years ago. then I put difference amount in suspense account for maintain with balance sheet. The difference raised due to share profit that was not possible to change for that year .For that every year in Tally there was a suspense account in lIability side. So my question is how to solve that or how to rectify in the tally?

prasad Nilugal ( GST Practitioner & Accounts ) (14801 Points)
Replied 28 August 2018

1) Can you please explain " The difference raised due to share profit that was not possiable to change for that year ."

ABHIJIT MANNA (ACCOUNTANT) (447 Points)
Replied 28 August 2018

I know that the audit has been done with a suspense account for the neglegency of Accountant and share profit in tally did not change because the stock was maintain there inventory system , If profit have to be changed there will be effect in closing stock. So what should i do now.