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Open Account
(redirected from Open Accounts)

    Also found in: Dictionary/thesaurus, Legal 0.02 sec.
Open account
Arrangement whereby sales are made with no formal debt contract. The buyer signs a receipt, and the seller records the sale in the sales ledger.
Open Account
1. See: Credit sale.

2. Any account where money is held or is owed. That is, a bank account with a $1,000 credit and another account with a $1,000 overdraft are both open accounts because they have non-zero balances.
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Iraq has told its central bank to open accounts to transfer hundreds of millions of dollars out of a post-Gulf war US fund to protect the money from foreign claims, a government spokesman said on Wednesday.
Iraq readies to protect overseas funds by Staff Reporter / AFP Global Edition
Tananbaum concluded, "CBC has decades of international trade experience and recognizes the paradigm shift that has taken place over the last decade as importers and exporters moved away from using letters of credit to using open accounts.
Capital Business Credit Launches New Division - CBC Trade Finance - ... by PR Newswire
Iran's central bank has agreed to open accounts in Korean currency WON at two South Korean state-owned banks to avert disruption in bilateral trade despite international sanctions, Seoul's finance ministry said.
Iran to open Won accounts in Korean banks by TradeArabia (Manama, Bahrain)
 
 
 
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