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This question is about project accountant skills.
What is a suspense account in accounting?
A suspense account in accounting is an account related to a company's financial books that take down ambiguous entries that need further evaluation and analysis to select their accurate classification.
While this is the most common form of a suspense account in accounting, the term can have several meanings, depending on the context.
Here is some key information concerning suspense accounts:
A suspense account is an accounting application used for different business contexts. This might also depend upon the industry.
An organization can utilize a suspense account to record ambiguous entries on its books that require a more scrutinized clarification before they can be assigned to the correct accounts.
Mortgage servicers can use a suspense account when a borrower fails to completely pay a monthly debt or if they break up their monthly debt payment into several smaller amounts.
In investing, brokerage firms can use suspense accounts to hold clients' funds until the money can be moved or reinvested.
In most cases, suspense accounts are meant to be temporary accounts.
Suspense accounts generally come into play in these industries:
Business
Mortgages and lending
Brokerage
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