If a payment is missing from the daily revenue totals, which record should be checked to locate the funds?

If a payment is missing from the daily revenue totals, which record should be checked to locate the funds?

• A. Receipts End-of-Day Report
• B. Daily Cash Reconciliation Worksheet
• C. Refund Ledger
• D. Suspense Account Ledger

Answer: (D)

When a payment can’t be immediately matched to a customer or transaction, it’s common practice to place those funds in a suspense account so the daily revenue totals stay accurate while a proper attribution is investigated. The suspense account ledger specifically records money that isn’t yet allocated, providing a clear trail to locate where the missing payment ended up or why it couldn’t be identified. The other records aren’t designed to hold or track unallocated funds. The receipts end-of-day report lists all receipts posted that day, but it doesn’t show funds awaiting attribution. The daily cash reconciliation worksheet helps compare expected cash to actual cash and highlight discrepancies, not locate the specific missing payment. The refund ledger tracks money returned to customers, not unallocated receipts. The suspense account ledger is the place to look for funds that are in limbo, awaiting proper posting.

When a payment can’t be immediately matched to a customer or transaction, it’s common practice to place those funds in a suspense account so the daily revenue totals stay accurate while a proper attribution is investigated. The suspense account ledger specifically records money that isn’t yet allocated, providing a clear trail to locate where the missing payment ended up or why it couldn’t be identified.

The other records aren’t designed to hold or track unallocated funds. The receipts end-of-day report lists all receipts posted that day, but it doesn’t show funds awaiting attribution. The daily cash reconciliation worksheet helps compare expected cash to actual cash and highlight discrepancies, not locate the specific missing payment. The refund ledger tracks money returned to customers, not unallocated receipts. The suspense account ledger is the place to look for funds that are in limbo, awaiting proper posting.