(in Russian, raschetnyi schet), in the USSR, a bank account that shows the monetary operations resulting from economic activity of enterprises and organizations practicing khozraschet (economic accounting).
A settlement account is opened by the State Bank of the USSR (Gosbank) for enterprises and organizations that have been given their own circulating capital and show their operations on an independent balance sheet. Each such enterprise or organization can open only one settlement account, which is used for the safekeeping of money and for making appropriate payments. The holder of the account may dispose of the deposited capital in accordance with established rules. If there is not enough capital in the account to pay all claims, a sequence of payments is established under the supervision of the appropriate bank.
Cash is paid out of the settlement account on the condition that the demands for the expenditure of the wage funds are observed. In individual instances, a special settlement account can be opened for the enterprise or organization in addition to the basic settlement account and used for the redistribution of circulating capital and for major repairs. With the permission of the banking institution where the basic settlement account has been opened, it is also possible to open settlement subaccounts. In these subaccounts are deposited the monetary resources of enterprises that do not practice khozraschet, including branch offices, warehouses, and stores. The assets are transferred from the designated settlement subaccounts to the basic settlement account at stipulated dates.
The capital in a settlement account is formed chiefly from receipts resulting from the sale of product. It is a reserve used to pay supplier bills for materials and all types of energy. It is also a reserve for paying wages, paying off loans and indebtedness formed as a result of the offsetting of claims, and obtaining various services.
A settlement account can be closed upon the request of the holder if there is a change in the nature of the work of the enterprise or organization, if liquidation or reorganization has taken place, or if there have been no transactions in the account for a period of three months.
V. A. NOVAK