Category Archives: Bookkeeping

Accounts Payable: What It Is & How It Works

When a company purchases goods or services, the AP team receives an invoice. This helps them keep track of quantity, current pricing, dates, and other essential details of the transaction. This article discusses accounts payable, explaining its role and importance in clear, straightforward terms so you can learn exactly why it’s

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Suspense Accounts in Accounting: Purpose and Management

A suspense account is used to temporarily record transactions that lack the normal, detailed information that accountants require to make proper journal entries into the business’s accounting records. The accountant will then credit the suspense account with $50 and debit the cash account with the same transaction amount. When the company

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