SBP has strictly advised commercial banks to take proper evaluation/scrutiny of requests from importers for remittance of foreign exchange against the imports made on open account
With the deterioration of credit quality across the globe, many more exporters are now reluctant to work on an open account
basis, other than with customers with whom they have longstanding relationships.
Guatemala: Eighty percent of members polled sell on open account
Under these rules, a shareholder would compare the amount of open account
indebtedness outstanding at the beginning of the year with the amount of such indebtedness at the close of the year to determine if there was a net repayment for which gain might be recognized.
The case does not explain why the IRS did not argue separate advances or what is necessary to prove one open account
Often their budgets are not charged for the cost of carrying their receivables under the existing financing arrangement, such as an open account
NEW YORK -- ACI Worldwide (NASDAQ:TSAI), a leading international provider of software for electronic payment systems, today announced that the ACI global trade suite now provides a solution for open account
transaction processing to compliment ACI Global Trade Manager for traditional trade finance.
The SBP will take stern legal action against importers and banks involved in remittance of foreign exchange against duplicate/fraudulent import documents, prepared for imports on open account
, a statement of the Central bank issued on Friday said.
There is no note, so the loan is open account
This makes offering foreign buyers open account
payment terms--a practice dictated by competitive pressures in many overseas markets--a daunting challenge.
Many exporters with regular accounts use an open account
or documentary collection to guarantee payments.
As sellers move down the ladder from open account
toward cash in advance, they reduce their degree of payment risk.
According to the bank, people will be able to open account
by submitting request online through the bank's website - www.
1367-2 and -3 (REG-144859-04), to address concerns about the treatment of S shareholders' open account
68-537 provided that a shareholder-creditor of an S corporation derives ordinary income from the repayment of reduced-basis "open account
" debt; open account
debt is, not evidenced by a note and therefore the repayment is not considered an exchange of a capital asset.