How To Copy Cells Based Upon Criteria

Here's what we need to do:

We are compiling one master spreedsheet from many smaller ones and I need to figure out how to copy them quickly and efficiently. For example:

Small Spreadsheet:

Column B is marked as P, M, C or S. This represents the type of the account.
Column C is the name of the account.

Master Spreadsheet:

We have a column for each account type (P,M,C,S)

Can we use a formula/macro to automatically copy columns B and C from the small sheet and organize them accordingly in the Master Spreadsheet?

For example:

Small spreadsheet:

P Account Name1
M Account Name 2
M Account Name3
C Account Name4
M Account Name5

would appear in the Master Spreadsheet as:

P M C
Account Name1 Account Name2
Account Name1 Account Name3 Account Name4
Account Name1 Account Name5