👉 Offpay is a term used in accounting to describe an item or asset that has been sold but has not yet been paid for by the seller. In other words, it represents items or assets that are still being held by the buyer at the time of sale but have not yet been recognized as revenue in the financial statements. For example, if a company sells a piece of machinery to a customer and receives payment for the equipment, the offpay would be the difference between the amount paid for the equipment
