debit

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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 ?
"We don't operate the direct debit guarantee." This is nonsense.
I'm told that when a credit card holder has a direct debit set up to pay their credit card balance, it's standard across the industry for the direct debit to start to claim between two and seven days before the due date (depending on the provider).
Debit cards clearly have a very significant impact on the U.S.
Set up a direct debit with the firm you pay the bill to or with your bank, either by filling in a paper or online form or over the phone.
"If I want to speak to my bank I have to answer eight questions, yet they let just anyone set up direct debits on our account.
That organization debits an asset and credits contribution revenue.
Many store cards also give a lower rate of interest to direct debit customers, although the discounts can often be paltry.
Moreover, because net debit caps are proportional to each institution's capital base, the growth of funds-related overdrafts, if controlled, is likely to be limited by the overall increase in the capital of institutions that typically incur overdrafts.
* Using a debit card instead of writing checks saves you from showing identification or giving out personal information at the time of the transaction.
"If someone finds or steals a debit card but doesn't have the PIN number it's useless."
MARKETING executive Jenny Spiers, 31, reckons she and her husband Will, 31, save around pounds 140 a year by using direct debits to pay their bills.
Lemon chose the most logical (and common) method for covering a cash embezzlement: the false debit. When Lemon credited the bank account for the checks she made out to herself, the corresponding debit was false.