What is Settlement (current) account?

A company's account opened with a bank in national currency: receipts come into it and payments are made from it; if there are several, analytical accounting is kept for each one. Money coming in is reported in the debit of account 5110 and money going out in its credit; erroneous amounts in a bank statement are corrected through accounts 4860 or 6960 (NAS No. 21, paragraphs 224–225).