· To provide a best practice for reviewing and clearing suspense
accounts on a monthly basis.
· It is the responsibility of the each department's Business Administrator
or designee to ensure that all charges are appropriately assigned to their
REASON FOR PROCEDURE
· To provide instruction on clearing suspense accounts monthly
to ensure all suspense object codes have a zero balance by the fiscal
WHO SHOULD BE KNOW THIS PROCEDURE
Center and Institute Chairs
School of Medicine Administration
Office of Research Services
Office of Research Support Services
· If a transaction coming from a feeder system (e.g., Mail, Telecommunications,
etc.) has an invalid or expired account, the transaction will be posted
to the home ORG's 000000 fund in the 95XX series of object codes.
· Suspense activity should be routinely reviewed and removed from
the suspense account and charged/credited to the appropriate account via
manual journal entry
· On a monthly basis a 510 report (Detail Transaction by Object
by ORG) should be scheduled to print in your specific org with the following
· All transactions should be reviewed and transferred to appropriate
object codes or funds that are not frozen. If the source/feeder system
of the expense has an incorrect fund number or object code, the source
should be contacted and given the appropriate information.
· Journal entries should be prepared on a monthly basis to move
all of the expenses from the suspense object code to appropriate account
· Once the transactions are moved, a 160 report (Account Analysis
with Payables Detail) should be scheduled and reviewed to ensure the accuracy
of the transactions as well as ensure that suspense is brought to a $0
· Reviewing the account on a monthly basis is preferable because
it is easier to identify the appropriate fund for an expense due to the
timeliness constraints of sponsored project reporting.