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Hello Every one,
Need a small guidance.
What is Offset account?
If anyone have any Video or document link please share. It will be very much helpful for me.
Thanks & Regards,
Dharma
Hi,
The offset account is used in various journals like general journals, AP and AR journals, expense journals and inventory journals.
Offset account is the account that offsets the account.
If you want to post a transaction to balance in one line, You use offset accounts.
Forexample, You have a vendor payment. So you select your vendor and fill the amount. You do not need to create an additional line to the journal. You can select the bank account on the offset account field.
Hi Dharma,
Accounting point of view every transaction has debit and credit entry. So each account works as an offset to other account.
Example: If we take vendor invoice transaction:
Debit: Ledger
Credit: Vendor
In the journal if we select vendor as account, ledger will act as offset account.
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