Offsetting Entry

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Offsetting Entry

In accounting, an entry on a balance sheet that sets another entry to zero. The offsetting liability may be either an asset or a liability. For example, if a bank has an outstanding loan for $10,000 and receives a $10,000 payment, the payment is recorded as an offsetting entry on the bank's balancing sheet. See also: Offset.
References in periodicals archive ?
In addition, the court found that the only economic outlay was the original loans between the corporations, as "the subsequent transactions could be viewed as merely a series of offsetting entries among bank accounts.
Includes credit repayments, retirement of existing loans with proceeds from rescheduling, and offsetting entries related to debt forgiveness (principal only).
Offsetting entries consist of ODA loan repayments from recipient countries, liquidation of existing loan balances with new credits from rescheduling agreements, and entries for loan forgiveness.
Offsetting entries include principal repayments on OOF loans and the retirement of outstanding loans under rescheduling agreements.
User-defined allocations and automatic predefined offsetting entries also keep various funds in balance.
As these are offsetting entries within stockholders' equity, the total amount of stockholders' equity for a particular period will not change.
Offsetting entries for nonresident taxes withheld are made in the unilateral transfers account.
Offsetting entries for taxes withheld are made in the unilateral transfers account.