A contact is the guest or point of contact for an event in Tripleseat, while the account is the organization or company to which that contact belongs. For instance, if Sonjali Gurung of Pfizer works with Bluewater Restaurant to host her company's holiday party, she would be the contact and Pfizer would be the account. A contact may not be created without having a designated account. For contacts whose event is social, set the account to the name of the contact.
See below for a video that helps explains the difference between a contact and an account:
Pro Tip: Both an contact and account are needed to create an event or booking.