What is a Master Account?
A Master Account is a responsible entity that covers all the expenses incurred by the guests under its associated sub-accounts. It is usually used in a group or organizational setting, where one account covers all the charges of the associated sub-accounts.
A Master Account can be set up by the sponsoring organization for a particular function/event that involves multiple guests. The sponsoring organization will be responsible for paying all the charges incurred by the guests under its associated sub-accounts. This account simplifies the billing process and eliminates the need for the guests to pay individually for their expenses.
A Master Account provides convenience and centralized management of billing and expenses for the sponsoring organization. The account holder can monitor all expenses incurred by the guests and have a better understanding of the overall costs associated with the event. It allows the account holder to control the budget and keep track of the expenses, making it a useful tool for managing large group meetings, conferences, or events.
In summary, a Master Account is a convenient and efficient way for organizations to manage expenses associated with events or meetings involving multiple guests, providing a central account to oversee all charges and simplify the billing process.
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