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Open Account

   Also found in: Dictionary/thesaurus, Medical, Legal, Encyclopedia, Wikipedia 0.01 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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In the old days, stores would keep open accounts, or tabs, for their customers.
The Literature of Credit Cards by DEEPAK / Banking, finance and accounting community
Some banks will open accounts for teens with two forms of ID; some require a co-signing adult to be the responsible party for the account.
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Two offices will provide privacy for members wishing to open accounts, secure financing, or learn more about mortgage programs or business services.
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