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
 Related Terms

<< Payable date Payables >>

How to Ace Your First Test Managing Real Money in the Real World: As a teen, you're beginning to make some grown-up decisions about how to save and spend your money. That's why learning the right ways to manage money…right from the start…is important. Here are suggestions. More...

Outstanding leaders go out of their way to boost the self-esteem of their personnel. If people believe in themselves, it's amazing what they can accomplish. - Sam Walton


Copyright ©2009-2018 GVC. All rights reserved.