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.
<- Go Back
Business Terms Home page
Search Jargon and Terms Database
A B C D E F G H I J K L M N
O P Q R S T U V W X Y Z
Term created / updated 2005-07-16 23:12:15
Knowledge is the key to success. That is why we have gone to great lengths to get you these business terms and jargon, and explain them in Plain English. Its very easy to comprehend. Learn to understanding and know your business jargon. This will keep you informed among your peers. Bookmark Your business dictionary.
Copyright © 2004-2022 Scopulus Limited. All rights reserved.