PAID BILL Meaning and
Definition
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A paid bill refers to an official document that confirms the completion of a financial obligation or debt by an individual or an organization. It is a proof of payment for goods, services, or any other expenses incurred.
When an individual or business receives an invoice or a statement of charges from a creditor or service provider, they are required to settle the payment within a specified timeframe. Once the outstanding amount has been paid in full, the creditor issues a paid bill as evidence that the debt has been satisfied. This document typically contains important details such as the creditor's name and contact information, the debtor's name, the amount owed, the date of payment, and any relevant account or reference numbers.
The paid bill serves multiple purposes. Firstly, it serves as a record for both the debtor and the creditor, documenting the monetary transaction and confirming the fulfillment of the financial obligation. Secondly, it enables the debtor to maintain a clear financial history, providing a reference for future payment verifications or disputes. Lastly, it serves as a source of accountability, protecting both parties in cases of financial discrepancies.
Overall, a paid bill is a crucial financial document that acts as proof of payment, ensuring that both the debtor and creditor have accurate records of the completed transaction.
Common Misspellings for PAID BILL
- oaid bill
- laid bill
- -aid bill
- 0aid bill
- pzid bill
- psid bill
- pwid bill
- pqid bill
- paud bill
- pajd bill
- pakd bill
- paod bill
- pa9d bill
- pa8d bill
- pais bill
- paix bill
- paic bill
- paif bill
- pair bill
- paie bill
Etymology of PAID BILL
The word "paid" originated from the Middle English "paied" or "payed", which is derived from the Old French term "paiier" meaning "to pay". The Old French term is further derived from the Latin word "pacare", meaning "to pacify" or "to satisfy". As bills often need to be settled or satisfied through payment, the term "paid bill" refers to a bill that has been paid or settled.
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