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Glossary > O > "Open account" Definition

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.

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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 : 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.