Personal Accounts


Also found in: Financial.

Personal Accounts

 

(bookkeeping), accounts included in analytic cost records and designed for settling with organizations and individuals. Personal accounts are opened by the bookkeeping department of an enterprise (organization or institution) for every legal or physical person with which it has particular types of settlements. All information on the condition and change in settlements is entered in the personal accounts. For example, the personal account of a production or office worker for keeping track of wage settlements includes information on wages computed for the worker, retentions and deductions made from this amount, and the total which is to be turned over to him. Personal accounts differ in form, reflecting the type of settlement (wages, offsetting of mutual demands, and the like) and accounting techniques (manual or mechanized).

References in periodicals archive ?
Personal accounts are voluntary, and no worker would be forced to choose one or to invest even a penny in the stock market.
These workers would now get far higher returns and benefits saving and investing through personal accounts in place of Social Security, as workers are increasingly doing in other countries around the world.
As with the congressional plans, workers would, at retirement, receive the proceeds of their accounts plus any benefits based on past service under Social Security; there would be a new safety net that protected older Americans who retired with inadequate account balances; and workers would be permitted to bequeath to heirs any funds remaining in their personal accounts.
Most plans to phase in a private system would allow current workers to keep their payroll taxes in personal accounts, instead of supporting current beneficiaries.
The travel agent then transferred the difference in cost between the first-class and coach tickets from the employer's account to the taxpayer's separate personal account.
Provides a comprehensive analysis of the impact of personal accounts on the UK pensions market.
67 million from the national exchequer to their personal accounts.
Open competition: development of software software complex automated management of personal account separate sections (orls) the insured person ~~ in terms of mainstreaming and inclusion in the personal accounts data paid by payers, not to make payments and other compensation to individuals (sole proprietors) premiums starting from 2015
Personal Accounts, remember, are supposed to provide personal pension pots for all the people who don't belong to pension schemes and at present save nothing for their old age.
The Government has published its proposals for a personal accounts system to help workers save for their retirement.
If you are already in a company pension scheme, then employers who already pay 3% or more will not have to offer personal accounts.
The White Paper on a national pensions system, published this week, details a personal accounts scheme with all employees being enrolled into it automatically from 2012.

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