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- DictionarySus·pense ac·count/səˈspens əˌkount/
noun
- 1. an account in the books of an organization in which items are entered temporarily before allocation to the correct or final account.
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Jul 16, 2024 · In investing, a suspense account is a type of brokerage account where a customer's proceeds from selling an investment may be recorded until the customer...
Dec 7, 2023 · A suspense account is an used to temporarily store for which there is uncertainty about where they should be recorded. Once the accounting staff investigates and clarifies the purpose of this type of transaction, it shifts the transaction out of the suspense account and into the correct account (s).
Jul 5, 2024 · A suspense account is an account where you record unclassified transactions. The account temporarily holds entries while you decide how you will classify them. A suspense account can also hold information about discrepancies as you gather more data.
May 29, 2024 · In simple terms, a suspense account is a bookkeeping account wherein transactions are recorded before being assigned to the right category. In this blog, we will demystify what suspense accounts are, explore different types, and dive into examples that bring these concepts to life.
A suspense account is a general ledger account in which amounts are temporarily recorded. The suspense account is used because the appropriate general ledger account could not be determined at the time that the transaction was recorded.
A suspense account is a temporary holding account used to record financial transactions that have questions around their accuracy and validity. These potentially incorrect financial transactions are either initially recorded in the suspense account, or moved from the general ledger into the suspense account.
Definition: An account that holds a given unidentified operation temporarily. It is a provisional account set to record an accounting transaction until its nature is properly recognized and classified.
