transit account

transit account
An alternative term for *suspense account. However, the terms transit account and suspense account are sometimes differentiated as follows: (i) a suspense account is used for items awaiting analysis or investigation and (ii) a transit account is used for items whose proper general ledger classification is subject to an underlying time restriction (such as the receipt of a customer *statement of account).

Auditor's dictionary. 2014.

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  • suspense account — A *general ledger account used to temporarily record transactions. By nature, a suspense account should be regularly cleared of its contents, as it is merely a resting place for items awaiting analysis or investigation. See also *transit account …   Auditor's dictionary

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