Business Terms and Jargon Explained
What is Contra
Is the where a supplier is also a customer and you both owe each other money. The treatment in the accounts is a contra entry which cross cancels between them. No money changes hands except the difference. E.g., a suppler is owed £1000 and they owe us £1000. No money needs to be paid to anyone. In the books they cancel each other out.
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Term created / updated 2005-07-16 23:12:15
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