contra accounts


contra accounts
Accounts that can be offset, one against the other. For example, if Company A owes money to Company B and Company B also owes money to Company A, the accounts can be offset against each other, enabling both debts to be settled by one payment.

Accounting dictionary. 2014.

Look at other dictionaries:

  • contra accounts — Accounts that can be offset, one against the other. For example, if Company A owes money to Company B and Company B also owes money to Company A, the accounts can be offset against each other, enabling both debts to be settled by one payment …   Big dictionary of business and management

  • contra account — A *general ledger *account that *offsets another account. For example, *allowances for bad debts are recorded in contra accounts in relation to *accounts receivable …   Auditor's dictionary

  • Accounts receivable — (A/R) is one of a series of accounting transactions dealing with the billing of customers who owe money to a person, company or organization for goods and services that have been provided to the customer. In most business entities this is… …   Wikipedia

  • contra entry — ➔ entry * * * contra entry UK US noun [C] ACCOUNTING ► an amount that is included in one part of a set of accounts as the opposite of an amount in the other part. For example, the contra entry of a €100 credit (= amount added) is a €100 debit (=… …   Financial and business terms

  • contra account — Accounts receivable due from debtors who also have accounts payable due to them from the borrower. American Banker Glossary * * * contra account contra account ➔ account1 * * * contra account UK US noun [C] ► ACCOUNTING in a company s double… …   Financial and business terms

  • Accounts Uncollectible — Loans, receivables or other debts that have virtually no chance of being paid. An account may become uncollectible for many reasons, including the debtor s bankruptcy, an inability to find the debtor, lack of proper documentation, etc. Before an… …   Investment dictionary

  • contra asset — An asset account that normally has a credit balance. Examples are the allowance for doubtful accounts and accumulated depreciation. American Banker Glossary …   Financial and business terms

  • Forward liability accounts —   Accounts which contain all liability accounts resulting from transactions with a future value or start date as well as their contra accounts …   International financial encyclopaedia

  • Forward assets accounts —   Accounts which contain all assets resulting from transactions with a future value or start date as well as their contra accounts …   International financial encyclopaedia

  • Chart of accounts — Accountancy Key concepts Accountant · Accounting period · Bookkeeping · Cash and accrual basis · Cash flow management · Chart of accounts  …   Wikipedia