PUTS ON ACCOUNT Meaning and
Definition
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"Put on account" is a financial term that refers to the act of recording a transaction in an account, typically in bookkeeping or accounting systems. This term is commonly used in business and personal financial settings to indicate that an amount owed or credited is being added to an individual's or company's account for future reference or settlement.
When an item or service is "put on account," it means that the payment or credit associated with the transaction is not made immediately at the time of the purchase or receipt of services. Instead, the amount owed is recorded and added to an account, establishing a financial obligation between the supplier and the customer, or between the creditor and the debtor.
This practice is frequently used in situations where ongoing transactions occur, such as in retail stores, where customers may make multiple purchases before settling the overall balance owed. Additionally, in business-to-business transactions, companies may have a payment agreement that allows them to "put on account" expenses or payables to be settled at a later agreed-upon date.
Overall, "put on account" is a term that denotes the act of recording a financial transaction in an account for future payment or credit settlement. It aids in keeping track of outstanding balances and facilitating future financial exchanges between parties involved.
Common Misspellings for PUTS ON ACCOUNT
- outs on account
- luts on account
- -uts on account
- 0uts on account
- pyts on account
- phts on account
- pjts on account
- pits on account
- p8ts on account
- p7ts on account
- purs on account
- pufs on account
- pugs on account
- puys on account
- pu6s on account
- pu5s on account
- puta on account
- putz on account
- putx on account
- putd on account
