What is the difference between cancellation and cancellation
The slang term "Cancellation" comes from accounting and describes the reversal of a booking made on an account. In technical jargon, the term “cancellation” is not used, but “ cancellation spoken. The reversal of a contract is also often called cancellation in everyday language, but from a legal point of view this is a withdrawal.
The process of cancellation is carried out comparatively frequently in accounting. "Cancellation" is always used when a Wrong booking has been made to an account. The corresponding booking is reversed by the cancellation, although some transactions may not simply be removed or deleted for reasons of balance sheet clarity.
In these cases, the error is reversed by a contrary booking. An example:
A passenger books a ticket from Frankfurt to New York. However, when applying for a visa for the United States, it turns out that the passenger is denied entry. The guest can then cancel their flight. The airline is not allowed to simply delete the original booking and the incoming payment from the system, but has to create an offsetting booking. This shows that money has been transferred back to the customer, which is why the active and passive side balance each other out again.
Effects of cancellation
The cancellation basically causes the Reversal of a business transaction. The buyer no longer uses a service and the seller no longer has to provide it. Under certain circumstances, however, cancellation fees may apply because the seller has already prepared the delivery of the service. When business contracts between companies are canceled, the canceling group usually has to pay heavy contractual penalties.
The withdrawal from the contract must therefore be distinguished from the cancellation. For online purchases, for example, consumers can withdraw from the purchase contract 14 days after conclusion of the contract without giving reasons. Apart from possible shipping costs, no fees are due for this and the other party does not have to expressly consent to the withdrawal.
Cancellation - Definition & Explanation - Summary
- In accounting, cancellation (colloquial) refers to the reversal of a business transaction
- As part of the cancellation, the incidents are not deleted, but corrected by an offsetting entry
- Cancellations can result in cancellation fees
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