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Rdep01 Posted 19 years ago
Business & Finance

"Counterpart" in accounting (?)

0Hello everybody, 05002br
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00Could you tell me if "counterpart" is the good word in this sentence ?01blockquote
00"In this situation, this account is the counterpart of the wear and tear account"12blockquote
10Thank you by advance 051010id111id5
  

Top answer

02br 02br 00I suppose you want meaning 3? It doesn't sound natural though, we don't normally use it with relation to things like accounts. com/dictionary/complementccomplement

— Nona the brit

  • 02br 02br 00I suppose you want meaning 3?
  • It doesn't sound natural though, we don't normally use it with relation to things like accounts.
  • com/dictionary/complementccomplement
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10 Answers
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0101b00:02b00 one of two corresponding copies of a legal instrument 01b00:02b00 050002 a01b00:02b00 a thing that fits another perfectly00 00b01b00:02b00 something that completes 01b00:02b00 051003 a01b00:02b00 one remarkably similar to an
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0 Which account are you talking about? That will help to advise you. I'm assuming that the "wear and tear" account is the depreciation account, yet I can't think of another account that would be similar enough to it or have the same purpose that would warrant calling it a counterpart. 0-
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0Thank you for your answers ! 05002br
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00The word I'm looking for is linked to double-entry book-keeping concept02br
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00For instance, when you "pay back" 01i00(sorry, I don't know the word)02i00 a loan of 10000, you have to record in ledger :02br
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00| my bank account (so my bank account lost 10000)
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0 You want the word 'balanced'. 0-
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0 01blockquote
01cite10Nona The Brit12cite10You want the word 'balanced'.12blockquote
10You're right, my example wasn't as good as I wanted02br
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00The good example is this one :02br
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00"Here, the bank account is the 01b00xx02b00 (counterpart ?) of the debt accoun
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0counterparts isn't really the right word because a counterpart is the same thing but in a different place. For example, in my job, my counterpart in London, is called Craig. That means Craig does the same job as me, but he works in London and I don't.02br
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00In accounting, a debit is the opposite of a credit, so they are not the same thing.02br
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0It is much closer of the word I'm looking for. 05000 Thank you !02br
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00To be sure, the word I'm looking for is the english word for "contrepartie" in french and "contrapartida" in spanish02br
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01b00In a transaction02b00, you give something to someone, and in exchange this someone gives you something02br
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0Aha! In Engish, they are 'contra-entries' - basically means the other side of, or opposite of, so a debit is the contra-entry of the credit. We tend not to use the word "contra-entry" though, and would say 'corresponding' entry instead. 0-
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0That explains a lot 05002br
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00Congratulations for knowing such things ! 02br
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00So "corresponding" is the good word, I'm very happy to know that from today02br
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00It's ok for me now, thank you for all yours answers 051010id111id2
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Thank you all! This post helped me a lot! I had the same doubt the latest answers was pretty clear and enlightening!
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