What is a Counterfoil?

Counterfoil is a term used in accounting and bookkeeping to refer to a document or sheet of paper that is used as a backup or support for another document, such as a check or an invoice. The counterfoil is typically attached to the back of the main document and serves as a record of the transaction or payment.

For example, when a check is written, the payee's name and the amount of the check are printed on the front of the check, while the counterfoil contains information about the date, the payer's name and account number, and other details about the transaction. This allows for easy reference and verification of the transaction.

In modern accounting software, the counterfoil is often replaced by electronic records, but the term is still used in some contexts to refer to the backup or supporting document for a financial transaction.