What is Parked Report?

Let us take an example of bank.

A clerk makes entry for a transaction. This entry then appears on the screen of the officer for posting i.e. for approval. If the entry is proper, he will approve it or else he may make suitable changes and then post it.

In some softwares, if the entry needs modification it is reverted back to the junior (i.e. rejected by supervisor) who then makes the changes and resubmits it for posting.

Till the time the entry is posted (i.e. approved) its effects are not seen on Trial Balance or other financial statements.

A collective statement of all this unposted / unapproved entries is called as Parked Report i.e. entries parked in suspense / unapproved / unposted / etc. account by whatever name you call it. e.g. IBC / OBC Account or Suspense accounts in banking.

Regards,

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CA.C.V.PAWAR