I think I'd prefer to leave the fossil in what Kenyan archaeologist and anthropologist Louis Leakey used to call the "suspense account
" until we have a lot more evidence.
The audit report indicates that examination of the general ledger for 2015-16 revealed confidential expenditure totaling Sh105,000,000 was charged to a general suspense account
without verifiable source documents that indicate the approved allocation.
The Forensic Audit further revealed that the bank operated two sets of books and this was responsible for the regulators/auditors inability to detect massive losses and infractions, particularly the balance of N280billion in suspense account
. A suspense account
is used as a place to temporarily hold unclassified or disputed funds and expenses while a company decides where to put them.
- temporary accounts used while discrepancies are clarified - reconciliations have also not been appropriately undertaken, resulting in a financial cost to the council and payments not being made to HMRC.
If a suspense account
is used, then they must ensure that all forfeitures for a plan yar are promptly used according to the plan's terms.
The NCUA audit found unauthorized disbursements from member share accounts, out-of-balance conditions on bank reconciliations and the suspense account
, as well as questionable deposits and withdrawals on the manager's personal and related family member accounts, according to Clark.
Some service providers credit revenue sharing in excess of contractually stated fees to a suspense account
or a bookkeeping account.
Both scored highly on technical aspects such as the processing of sales invoices, dealing with the bank account and the suspense account
and in the balancing and closing off of the accounts.
Besides registering a loss of Rs 2.45 billion to the NBP, Khadim Hussain, Corporate Head of the NBP, Faisalabad, has also incurred a loss half a million to the Bank through income tax, security charges, generator fuel and suspense account
A suspense account
is a temporary account in the nominal ledger that is used in two main situations.
Money in such accounts is usually transferred to a suspense account
. It is believed that there are more than 0.1 million inoperative accounts with Indian banks, and each is said to be holding INR1,350 on an average.
The money goes into a suspense account
and not towards the employee's state pension.