RESERVED PAYMENT ACCOUNT

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Definitions

as its name indicates, is money set aside for a certain destination but not yet sent. Purpose of the Reserved Payment Account: to prevent a false idea of the financial position of the org from occurring by providing a place where money awaiting disbursement can be placed before it is actually paid out. Thus removing it from the general accounts and estimates of financial position of an org. (HCO PL 4 Mar 65, Reserved Payment Account)