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August 25, 2024 3 min read Definitions
On Account: Partial Payment or Credit Terms
Finance Banking Payment Credit Terms Finance Terminology Open Account Deferred Payment
The term 'On Account' generally refers to either a partial payment towards an obligation or a transaction conducted on credit terms. It plays a crucial role in finance, particularly in relationships between sellers and buyers where payment is deferred, and the obligation is not documented by a formal note, synonymous with an open account.
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