For Open Account we have terms and definitions in 6 topics. The topics are Accounting, Finance, International Business, Legal, Logistics and Shipping.

Open Account (Accounting)

is a non-guaranteed payment arrangemente.g. similar to department store credit. Goods are purchased and delivered without payment. Future payment for delivered goods is dependent on the good faith of the purchaser.

Open Account (Finance)

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 (International Business)

The seller delivers the goods to the buyer and then bills the buyer according to the terms of trade.

Open Account (Legal)

An account which has not been finally settled or closed but is still running or open to future adjustments or liquidation.

Open Account (Logistics)

A trade arrangement in which goods are shipped to a foreign buyer without guarantee of payment.

Open Account (Shipping)

A trade arrangement in which goods are shipped to a foreign buyer before, and without written guarantee of, payment. Because this method poses an obvious risk to the supplier, it is essential that the buyer's integrity be unquestionable.

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