set-off what does it mean ?

topcat

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

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

of course it is ! thank you crispy :001_smile:

Qilian

Thanks.The explanation really helps!