What is meant by VV-Account?
A VV account, also known as a custody account or safekeeping account, is a special account in public administration or finance used for the temporary booking of payments or amounts whose final allocation has not yet been clarified. It is often used for unresolved payments, returns, or provisional bookings.
Typical software functions in the area of "VV account":
- Booking Entry: Enables the recording and posting of payments to the VV account.
- Payment Processing: Processing of incoming and outgoing payments via the VV account.
- Account Reconciliation: Matching and verification of entries on the VV account.
- Reporting: Generation of reports and analyses on VV account movements.
- Allocation Function: Tools for later allocation of amounts to the correct target accounts.
- Archiving: Long-term storage and management of VV account transactions.