CHARGEBACK Definition

Bookmark and Share

CHARGEBACK, in the credit industry, occurs when a credit card processor 'charges back' to the merchant the cost of returned items or incorrect orders that the customer claims were made to his or her credit card.

Learn new Accounting Terms

NET SALES is gross sales less discounts, allowances, sales returns, freight out, etc.

CREDIT RECORD (CR) is an entry in a double-entry bookkeeping system recording an increase in a liability; an owners equity item or revenue; or a decrease in an asset or an expense. Credit entries are conventionally made on the right-hand side of T accounts.

Suggest a Term

Enter Search Term

Enter a term, then click the entry you would like to view.