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What is the difference between a clearing account and a suspense account?
Wiki User
∙ 15y ago
Suspense account is to balance inbalanced trial balance and exists until the inbalancing of the trial balance is solved, While clearing account is used to provide an intermediary way between tow modules like interface, or to report on some event or transactions either not completed or vital for managenment to report on. Examples: Checks under collection Received but not billed goods.
Wiki User
∙ 15y ago
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What is the difference between Net NPA and Gross NPA?
Net NPA = Gross NPA - (Balance in Interest Suspense account + DICGC/ECGC claims received and held pending adjustment + Part payment received and kept in suspense account +Total provisions held)
How often should a suspense account be cleared?
Suspense accounts are temporary holding accounts for financial information. When the proper account is determined it will be moved to a proper account. The amount of times varies between how often it should be cleared.
What is the difference between the two sides of an account called?
Account Balance
What is The Difference between total debits and credits to an account called?
The Account balance.
Difference between receipts and payments account and income and expenditure account?
what is the different between error of transposition and casting
What is the difference between Net NPA and Gross NPA?
Net NPA = Gross NPA - (Balance in Interest Suspense account + DICGC/ECGC claims received and held pending adjustment + Part payment received and kept in suspense account +Total provisions held)
What is a difference between suspense account and sundry account?
Suspense accounts are generally used to park funds whose status is not verified completely during a transaction. For example, if during a Fund Transfer, if the credit account holder's details are not verified the funds are credited temporally to a suspense account Sundry Accounts are used for miscellaneous purposes - Eg - To park admin related costs, additional charges not finalized etc
What is the difference between A current account and a cheque account?
what is difference between a current account and a cheque account
How often should a suspense account be cleared?
Suspense accounts are temporary holding accounts for financial information. When the proper account is determined it will be moved to a proper account. The amount of times varies between how often it should be cleared.
What is the difference between electronic clearing system and standing instruction?
Actually, ECS works upon standing instruction. So there is no difference between them , A standing instruction can be issued to the bank where a customer holds a account to debit/credit . In ECS you issue a mandate to the bank which debits your account periodically in case of ECS-Debit.
What is difference between solved and resolved?
Solved usually signifies the clearing of a mystery or problem; resolve denotes the clearing of a conflict between two or more parties.
What is the difference between solved and resolved?
Solved usually signifies the clearing of a mystery or problem; resolve denotes the clearing of a conflict between two or more parties.
Difference between demat account and bank account?
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What is the difference between the financial account and the current account?
They are the same.
Why there is a difference between cash book and bank statement balance in bank?
There may not be difference between cashbook and bank statement balance in bank if all the payments and remittances are debited and credited in the bank account on the month itself.It may not be possible under certain circumstances. For example if a check has been paid to the customer and if the customer has not deposited the check in his/her account naturally the bank account will show an excess balance corresponding to the check in question.Similarly if a check remitted in the account needs clearing from other bank there also possibilities for difference.
What is the difference between the two sides of an account called?
Account Balance
What is difference between inward CLEARING and outward?
Assume you hold an account with HSBC, and you give a cheque to your friend who holds account with Citi . So a cheque drawn on HSBC MICR, gets deposited in Citi . Now HSBC Processing team receives the cheque from Citi processing team through clearing . This is Inward clearing of funds wherein HSBC checks signature, funds, stale or post dated details before clearing it or return it. On the other way, cheques drawn on other bank deposited in hsbc and the same sent by HSBC to drawn on bank through clearing is outward clearing.. These processes have now been automated using applications like ICCS - Image cheque clearing system. etc..
