set-off what does it mean ?

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:


  • crispy
    crispy Registered Posts: 466 Dedicated contributor 🦉
    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.
  • topcat
    topcat Registered Posts: 452
    of course it is ! thank you crispy :001_smile:
  • Qilian
    Qilian Registered Posts: 11
    Thanks.The explanation really helps!
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