Open account

account of expenses that can be used without limit; account in a collection of accounts which is brought up-to-date automatically

Noun
1. credit extended by a business to a customer
(synonym) credit account, charge account
(hypernym) open-end credit, revolving credit, charge account credit
(hyponym) revolving charge account
2. an unpaid credit order
(hypernym) credit order, bill-me order

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.