debit

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Related to debits: direct 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.

debit

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

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.

debit

  1. n. a means of charging (in DOUBLE-ENTRY ACCOUNTS) for services rendered by a firm. This is done by making an accounting entry which records the value of GOODS or SERVICES supplied by the company in the company's account of the customer for these goods and services. A debit entry in a company's DOUBLE-ENTRY ACCOUNTS represents either an increase in the company's assets or a decrease in its LIABILITIES.
  2. v. to enter the value of goods or services supplied to a customer in the supplying company's account of that customer. See CREDIT, definition 2.

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.

References in periodicals archive ?
Until the transferred assets are beyond the resource provider's control, the recipient organization should continue to record the transaction as a debit to an asset and a credit to refundable advance.
The hospital will debit "Interest in the net assets of Presbyterian Health System Foundation" and credit "Change in interest in Presbyterian Health System Foundation.
The taxpayer's funds can then be transferred via ACH Debit to the fraudulent IRS accounts, which the Service refunds as an overpayment.
Taxpayers planning to make their payment using the toll-free phone method or free PC software method must be enrolled in the ACH Debit option.
USXP Capital recently acquired ATM Paycard, a debit card company, in order to begin offering prepaid debit card services to the retailers associated with Universal Express Inc.
Debit Savvy Lifestyle: Real-life examples of debit card use, protections and responsibilities
According to the 2010 Study of Consumer Payment Preferences , millennials, defined by the study as individuals between the ages of 18 and 34, use debit more than any other group and more than any other form of payment.