What Is a Virtual Merchant Account?

Virtual accounts are also known as "nominal accounts". An extension of the original account (trader account or physical account) concept for national economic accounting. It is a classification and accounting method used to group the income of various industrial sectors together and distribute it to the various institutional sectors that finally received it. It is an accounting method that transforms various economic elements into another classification. Virtual accounts have been widely used in the national economic accounting system. ^[1]