Of these, Wells, Fargo, Livingston and McKay were also on the board of American Express. Financier Edwin B. Morgan of Aurora, Cayuga County, New York, was appointed Wells Fargo's first president. They commenced business May 20, 1852, the day their announcement appeared in The New York Times.
A more specific definition in common use is an account with a balance that is the opposite of the normal balance (Dr/Cr) for that section of the general ledger. An example is an office coffee fund: Expense Coffee (Dr) may be immediately followed by Coffee-employee contributions (Cr).
Non Technical Account. A normal Profit and Loss Account where Premiums and claims are not accounted for. For example Investment Incomes and Tax Expenses are treated in the Non Technical Account. It is similar to a Trading Account held by. a bank. There is an element of cash (premiums and claims) underwriting.