For example, accumulated depreciation is a contra asset account that reduces a fixed asset account.

Note: Upon the first settlement of all account balances, you must select the offsetting account in the proposed list, usually the “All account balance settlement.

The allowance for doubtful debts is contra-asset account.

Allowance for Doubtful Accounts is a contra-asset linked to Accounts Receivable.

A credit to the advances compensation account (petty cash or bank according to your configuration).

Apart from the compensation account, these entries are identical to those found in the expense report journal.