This means that each transaction with funds within the company is recorded on two accounts: on the debit of one and on the credit of the other. Such an entry is called correspondence of accounts - it shows where the funds, materials, goods came from and what the company spends them on. Types of correspondent accounts Loro account.
whose payment orders it undertakes to execute. Nostro account - a bank opens such an account for itself in another financial institution. It manages this account and issues the necessary payment orders for qatar telegram mobile phone number list transactions with clients. A Vostro account is opened by a Russian bank in a foreign financial institution.
It gives Russian credit and financial institutions the right to keep funds in the currency of the foreign state where the bank is located, or in any other. Thanks to different types of accounts, banks and their clients can easily perform the necessary banking operations: make payments, transfer money, pay bills. Most often, Russian banks use two types: loro and nostro.