An account used with a related account to bring about a decrease in the net amount of the two account balances is called a contra account.
A contra account is used in a general ledger to reduce the value of a related account when the two are netted together.
Natural balance in the contra account is the opposite of the associated account.
If the natural balance has recorded the debit balance in the related account, the contra account will record a credit balance . For example, the contra account for a fixed asset is the accumulated depreciation.
Contra accounts are presented on the same financial statement as the associated account, generally appearing directly below it with a third line for the net amount.
Note that accountants always use contra accounts rather than to reduce the value of the original account directly to keep financial accounting records clean.
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