Definition of suspense account in English:

suspense account


  • An account in the books of an organization in which items are entered temporarily before allocation to the correct or final account.

    • ‘Now the contract has been completed and the original contractor has since been paid, but the contract balance of US $38 million has been left in a suspense account with the Central Bank of Nigeria.’
    • ‘However, plans frequently fail to allocate their suspense accounts in accordance with their plan documents prior to the merger.’
    • ‘Ngqwala said that detailed reconciliations of balances on suspense accounts could not be furnished by the office.’