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    • Member Info
      • Native Language:
      • Chinese
      • Home Country:
      • China
      • Current Location:
      • China

    • Join Date: Aug 2007
    • Posts: 96
    #1

    set off

    The company maintains a common VAT account for its purchase and sales transactions, which is set off at the end of each month.

    anyone please tell me what "set off" means in here?


    • Join Date: Apr 2005
    • Posts: 61
    #2

    Re: set off

    Quote Originally Posted by kat2006 View Post
    The company maintains a common VAT account for its purchase and sales transactions, which is set off at the end of each month.

    anyone please tell me what "set off" means in here?
    Hi! I think "set off" here means start working.


    • Join Date: Oct 2006
    • Posts: 19,434
    #3

    Re: set off

    Quote Originally Posted by kat2006 View Post
    The company maintains a common VAT account for its purchase and sales transactions, which is set off at the end of each month.

    anyone please tell me what "set off" means in here?
    The VAT account is "set off" against the end of month accounts for the company - the purchasing and sales accounts are balanced.

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