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English to Spanish translations [PRO] Bus/Financial - Accounting / accountancy
English term or phrase:memo account
Memo accounts are typically used for maintaining tax accounts. A memo account behaves much like an account except that it contains amounts of money which is not real money. For example, consider a tax liability account. Each time we earn money, we allocate a portion of it to the tax liability account. Whenever we pay taxes, we make an entry in this account, apart from the entry for withdrawal from the actual tax account. By having this account, we can be prepared for our tax returns.