contra account

Definition

An account which offsets another account. A contra-asset account has a credit balance and offsets the debit balance of the corresponding asset. A contra-liability account has a debit balance and offsets the credit balance of the corresponding liability.

Use contra account in a sentence

You should try to keep a good standing with your contra account so that you know you have everything covered.

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If your identity information is at risk, why don't you just use a contra account to protect your larger assets from theft.

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An account that has a credit balance and also is able to offset the debit balance which in short is an account which offsets another one is known as a contra account

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contra contra broker