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set-off what does it mean ?

topcattopcat Trusted RegularRegistered Posts: 452
can not for the life of remember what set-off means?

here is the context :

"A set-off entry for £175 has been omitted from purchases ledger control account"

if anyone could explain would appreciate it :thumbup:

Comments

  • crispycrispy Trusted Regular SouthamptonRegistered Posts: 456
    Think it would mean the same as 'contra'

    If you both sold to and brought from the same company you could 'set off' or 'contra' the balances between owed from and owed to.
  • topcattopcat Trusted Regular Registered Posts: 452
    of course it is ! thank you crispy :001_smile:
  • QilianQilian Registered Posts: 11
    Thanks.The explanation really helps!
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