Suspense account, as the name says, it is mystery. We do not know the 'whats and whys' of the payments. Very often, we get the payments and we do not have any idea why payments were made.

There comes this suspense account. We put the payments in the suspense account for a while and these suspense accounts must be reconciled at the earliest after full background examination.

Suspense Payments

A merchandise (XYZ) wholesaler received a check of, say, $ 1000 from a merchandise retailer. The bookkeeper needs to put the check into the system against the invoice the check is issued but there is nothing noted on the check that says for which invoice the check would go. Hence, the bookkeeper will use suspense account for the payment.

          Bank A/c Dr               $ 1000
             To suspense A/c              $ 1000
(Payments received for the unmarked invoice from XYZ)

The above entry is made to park the mystery payment into the system for a while.

Now, it is the duty to go to the Account Manager (AM) of XYZ to ask which invoice the payment should be applied. Once, the AM gets the information from XYZ pass the same to the bookkeeper.
Then bookkeeper can pass the reconciliation entry against the recently created suspense account.

      Suspense A/c  Dr.                                  $ 1000
         To Accounts Recievable (Inv# 1234)   $ 1000 
(Payments parked to the respective invoice and closing of suspense account)

The same will apply to your question as well.

  Suspense A/c    $ 1000
    To Bank A/c       $ 1000
(Payments for an unknown transaction)

Once, the bookkeeper get hold of the payments, then proceeding entry to close suspense account will be

     License Fee A/c  Dr.  $1000
        To Suspense A/c         $ 1000
( Payments for a license fee and closing of suspense account)

I Hope, this resolves your issue. Please pen down in the comment section for further queries.

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