On account of

On account can mean the partial payment of an amount sometoàn thân owes. When talking about purchasing a sản phẩm, the term means buying it on credit. In other words, if I buy something ‘on trương mục,’ it means I purchase it now & pay at a later date.

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In the UK, the term ‘payments on account,’ when dealing with taxes, are advance payments towards your tax bill. This includes Class 4 National Insurance if the taxpayer is self-employed.

Payments ‘on account’ khổng lồ lenders

Most banks, financial institutions, and other lenders accept payments on account. This means paying an amount of money towards clearing a debt.

In fact, if you have a mortgage, each monthly installment is a payment on trương mục. In other words, each month you pay towards clearing your debt with the mortgage lender.

According khổng lồ BusinessDictionary.com, the term means:

“Partial payment of a debt or an invoice. Also sale or purchase on deferred payment terms (credit).”

The term ‘on account’ has several different meanings. The two in this image are the most common in business contexts.

Accounts payable

In companies, accountants use the term when they make a credit to lớn Accounts Payable trương mục.

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If the company owes a vendor for services, it enters that amount as a debit in Accounts Payable. That entry remains until it pays it in full.

After the company pays the balance, the accountant writes ‘paid on account.’ This tells people that Accounts Payable is not a liability any longer.

On tài khoản of

When we add the word ‘of’ khổng lồ the term, the meaning is quite different. We are then introducing an explanation or reason for something.

For example, imagine John had khổng lồ deliver a speech. However, he couldn’t’ because he had a sore throat.

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We could say “John declined lớn deliver the speech, on account of a sore throat.”

In this case, the term means the same as ‘by reason of’ or ‘because of.’

On (someone’s) account

What happens if I refer to lớn someone in the middle of the term? It means ‘for the benefit’ of that person.

Imagine you are in a room with a friover. Your friover is being especially quiet because she does not want to disturb you. You want khổng lồ tell her that you vì chưng not mind if she makes a lot of noise. You can say:

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