contra entry

Definition:

an entry made in the opposite side of an account to make an earlier entry worthless, i.e. a debit against a credit e.g. where a creditor of an accounting entity is also a debtor to that entity, a credit to that debtor’s account and a corresponding debit to the creditor’s account so as to make the smaller of the balances on the two accounts zero and leave only one amount owing to or owed by the entity.



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