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  2. In accounting, the term “On Account” refers to a type of transaction where payment is deferred or made in installments, typically with a pre-determined payment schedule. It represents a credit arrangement between the buyer and the seller, where the buyer owes the seller an amount of money for goods or services received.
    livewell.com/finance/what-does-on-account-mean-i…
    "On account" is an accounting term that denotes partial payment of an amount owed. On account is also used to denote the purchase/sale of goods or services on credit. On account can also be referred to as “on credit.”
    www.investopedia.com/terms/o/on-account.asp
     
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