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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.
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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?
A suspense account is used to temporarily hold uncertain or unidentified transactions until they can be properly classified and recorded in the appropriate accounts. On the other hand, a sundry account is a general ledger account used to record small, infrequent, or miscellaneous transactions that do not fit into specific categories. The key difference is that a suspense account is a temporary holding account for transactions that require further investigation or clarification, while a sundry account is a permanent account for miscellaneous transactions.
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 the financial account and the current account?
They are the same.
Difference between demat account and bank account?
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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.
Why does a Barclays current account cheque have an 02 interbank clearing code next to the account number?
The 02 interbank clearing code on a Barclays current account cheque indicates that the account is part of the UK banking system's clearing process, specifically managed by the Bacs payment network. This code helps identify the bank and facilitate the processing of cheques and electronic payments between different financial institutions. It ensures that transactions are routed correctly for clearing and settlement.
What is the difference between the two sides of an account called?
Account Balance
What is the difference between person fund vs account fund?
The difference between person fund and account fund is that a person fund is transferred to the recipient in person, while the account fund is transferred to the account of the recipient.
