debit (redirected from debits)

Debit

An expense, or money paid out from an account. A debit transaction is one which the net cost is greater than the net sale proceeds. See also Credit.

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debit

An accounting entry that results in an increase in assets or a decrease in liabilities or owners' equity. Compare credit.

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Debit. A debit is the opposite of a credit. A debit may be an account entry representing money you owe a lender or money that has been taken from your account.

For example, your bank debits your checking account for the amount of a check you've written, and your broker debits your investment account for the cost of a security you've purchased.

Similarly, a debit card authorizes the bank to take money out of your bank account electronically, either as cash or as an on-the-spot payment to a merchant. That's different from a credit card, which authorizes you to borrow the money from the card issuer.

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debit

(1) On a closing statement for a real estate sale, an item that is charged to a party. (2) In accounting,an entry that appears on the left side of the page.It is the opposite of a credit.In accounting,a credit does not necessarily indicate more money and a debit does not necessarily indicate less money or an expense.