Advertising

Payable through draft

• A method of making payment that is used to maintain control over payments made on behalf of the firm by personnel in non central locations. The payer's bank delivers the payable through draft to the payer, which must approve it and return it to the bank before payment can be received.

• A draft drawn on the payer's checking account, payable to a given payee but not payable on demand; approval of the draft by the payer is required before the bank pays the draft.

 
 Embedded terms in definition
 Control
Demand
Draft
Firm
Payer
Return
 
 Related Terms
 

<< Payable date Payables >>

What to Know Before Declaring Your Financial Independence: Twenty-somethings may not realize it, but every time they enter a new phase of their life as young adults - perhaps starting college, a career or a family - they're also venturing into a new world of money management. Here are ways to be prepared. More...

If you once forfeit the confidence of your fellow citizens, you can never regain their respect and esteem. You may fool all of the people some of the time; you can even fool some of the people all the time; but you can't fool all of the people all of the time. - Abraham Lincoln

Advertising



Copyright 2009-2019 GVC. All rights reserved.