Open Account


Also found in: Dictionary, Thesaurus, Medical, Financial, Encyclopedia.

Open Account

An unpaid or unsettled account; an account with a balance that has not been ascertained, that is kept open in anticipation of future transactions. A type of credit extended by a seller to a buyer that permits the buyer to make purchases without a note or security and is based on an evaluation of the buyer's credit. A contractual obligation that may be modified by subsequent agreement of the parties, either by expressed consent or by consent implied from the conduct of the parties, provided the agreement changing the contractual obligation is based upon independent consideration.

References in periodicals archive ?
Peru: About 83% of those polled do terms on open account with a fairly balanced split between offering 30, 60 or 90 days.
1367 regulations there is a repayment on open account debt to which gain might be recognized only if there is a net decrease in the amount of such indebtedness for the year, determined by comparing the amounts outstanding at the beginning and end of the tax year.
Both Global Trade Manager and Open Account Manager are based on the same service oriented architecture and are unique in their ability to offer a sophisticated end-to-end solution for trade processing.
First, consider advising clients to set up notes for their open account debt so that any subsequent repayment income would be capital gain, rather than ordinary.
International collections provide a means of exchanging goods for payment with greater control than for sales on open account.
Repayments and advances are treated differently for open account debt than for a shareholder loan evidenced by a note.
Its solutions include Business Process Outsourcing (BPO) of open account trade credit, private label revolving credit programs, receivables, financing and secured sales financing for national and regional clients.
WinWholesale) and Business Credit Services, a unit of GE that provides innovative, business-to-business finance programs, recently signed an exclusive agreement to provide receivables management and marketing solutions to WinWholesale customers, through an open account trade credit program.
The Express store is a limited offering of popular product selections and only allows transactions via credit card, while the Full Featured option is for SDI registered customers and provides a broader product menu with eCart checkout charged against a credit card or the customer's SDI open account.
These customers use S1 Trade Finance as an integrated system for creating and reporting on trade documents from purchase order and letters of credit, to open account transactions.
Usually banks were reluctant to open accounts of elected representatives and government officers, the committee members noted.
The committee noted that several candidates, including Nuzhat Sadiq, had complained about the reluctance of banks to open accounts for them just because they were politicians.