Open account

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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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It also prohibited schools from requiring students to open accounts with specific institutions in order to receive student aid funds.
In addition, late last year the FSC permitted domestic parent banks to help their clients open accounts at overseas branches for obtaining loans.
Abdul Mohsen Al-Fares, CEO of Alinma Bank, said that the Alinma website enables its visitors to open accounts through a simple online application process.
More than two-thirds of FCIB members polled who sell here do so on open account.
Global Banking News-September 17, 2010--Iran to open accounts in South Korean banks(C)2010 ENPublishing -
It is reported that the worst case took place in the southern state of Andhra Pradesh, where some 90,000 Muslim students were unable to open accounts to deposit scholarship cheques given to them by the government.
Beginning in July, Schwab said it will waive commissions on electronic equity trades and reimburse transfer-of-account fees charged by contra brokers for up to one year for new-to-Schwab clients of advisors who open accounts by the end of 2009.
KDDI Corp., which runs the ''au'' brand mobile phone service, offers a similar remittance service but requires customers to open accounts with a designated bank.
Saqr Gobash Saeed Gobash, Minister of Labour, had earlier said the ministry faced problems in implementing the decision as companies cited difficulties in finding banks which are willing to open accounts for low income workers.
Pedram Soltani, a member of the Tehran Chamber of Commerce, said, "Some local Emirati banks open accounts for these [Iranian] firms but they seriously control them and recently froze the assets in these accounts under the pretext of suspicious transactions."
Three out of 10 parents did not open accounts with their pounds 250 Child Trust Fund vouchers.
Open accounts and bills for collection are other payment methods commonly used between UK exporters and Chinese importers when a trustworthy relationship between the two parties has been developed.