contra entry - Wikitechy https://www.wikitechy.com/interview-questions/tag/contra-entry/ Interview Questions Wed, 08 Sep 2021 07:13:44 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 https://www.wikitechy.com/interview-questions/wp-content/uploads/2025/10/cropped-wikitechy-icon-32x32.png contra entry - Wikitechy https://www.wikitechy.com/interview-questions/tag/contra-entry/ 32 32 If we withdraw cash from OD account, is it contra entry or receipt entry ? https://www.wikitechy.com/interview-questions/accounting/if-we-withdraw-cash-from-od-account-is-it-contra-entry-or-receipt-entry/ https://www.wikitechy.com/interview-questions/accounting/if-we-withdraw-cash-from-od-account-is-it-contra-entry-or-receipt-entry/#respond Wed, 04 Aug 2021 05:15:24 +0000 https://www.wikitechy.com/interview-questions/?p=1223
  • The withdrawal of cash from OD account is a contra entry.
    • Cash a/c Dr
    • Bank a/c Cr

Both entries, debit and credit, are a contra entry of each other, they both offset each other.

What is Contra Entry ?

  • In the dual entry accounting system, a Contra Entry is an entry which is recorded to reverse or offset an entry on the other side of an account.
  • If a debit entry is recorded in an account, it will be recorded on the credit side and vice-versa.

What is Receipt Entry ?

  • The Receipt Entry program is used to enter, update and post receipt batches.
  • Generally, this program will be used to enter non-debtor receipts.
  • This program acts as a standard maintenance program.
  • All receipts are entered in batches. The batch control total must equal the sum of individual receipts entered before the batch can be placed in READY status and accepted for posting.
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