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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Loan repayments on open account debt are applied to all such debt.
As a result of the advance made at the close of year 2, there was no net repayment of the open account debt for the year; accordingly, the taxpayer avoided recognizing gain on the repayment of the year 1 advance.
Even if a taxpayer succeeds in making an argument for a single, open account, he or she needs to pay attention to timing.
In combination with Open Account Manager, it provides the full range of financing needed by today's corporate clients.
Because the loan is open account debt, the income is ordinary--not a good result.
With the exception of passports, no other foreign-issued ID is accepted by Bank of America or Wells Fargo to open accounts.
Information from these documents can be used to open accounts in the victim's name, or to commit other types of fraud, if it falls into the wrong hands.
Participants will have an opportunity to open brokerage accounts later in the process and should not contact brokers to open accounts for this now.
In particular, technology platforms that help companies automate and manage open accounts and vendor early-payment programs are receiving high attention.
Bank accepts the Individual Taxpayer Identification Number (ITIN), which makes it easier for individuals with non-resident status to open accounts.
Bank was one of the first financial institutions in America to accept the Matricula Consular as a form of identification along with the Individual Taxpayer Identification Number (ITIN), which makes it easier for individuals with non-resident status to open accounts.
Customers with active open accounts pay no fees to wager and no subscription fees for their accounts.