In FRS, "accounts" are established for each different source of money. You might compare these accounts to checking accounts, with some important differences.

Accounts are usually managed at the department level, which means that not every professor will have their own account.

Grant accounts, which are restricted for a specific purpose, usually have a single Principal Investigator. However, money received with no strings attached, such as gifts, may be commingled in an unrestricted account. For example, if three professors within a department each solicit $500 of unrestricted gift money, the entire $1,500 will be deposited into one account and the department will keep track of how is spent by each professor.