- To debit is to place an entry on the left-hand side of an account. A debit in a liability account makes it smaller. A debit in an asset account makes it larger. Glossary of Business Terms————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. Bloomberg Financial Dictionary
* * *▪ I. debit deb‧it 1 [ˈdebt] noun [countable]1. BANKING a decrease in the amount of money in a bank account, for example when a payment is made from it — see also direct debit2. the debit side ACCOUNTING the left-hand side of each account in Double-Entry Bookkeeping, the side used for decreases in liabilities or revenue S:
• Every time an entry is made on the debit side, another entry of equal value must be made on the credit side somewhere in the books.3. ACCOUNTING an amount recorded on the debit side of an account:
• In the plant accounts there is a debit which supports the balance-sheet item.— opposite credit[m0] ▪ II. debit debit 2 verb [transitive]1. BANKING to take money out of a bank account:debit something from something
• The fee will be automatically debited from your account.
• The money was debited from my account without even informing me.— opposite credit
• Note that as the principal repayment reduces the loan outstanding so it is debited to that account.— opposite credit
* * *Ⅰ.debit UK US /ˈdebɪt/ noun► [C] BANKING an amount of money that is taken out of a bank account, etc.: »
Once your contract with them ends, the company should no longer take monthly debits from your account.»
The statement showed a debit of £350 on January 22.► [U] BANKING the system of taking money from a bank account, etc., for example, by using a debit card: »
When you swipe your card at the checkout line, you'll be asked if you want to pay by debit or credit.»
I had lost the original invoice but I still had the debit receipt.► [C] (ABBREVIATION Deb, deb) ACCOUNTING an amount recorded that is recorded in a company's financial accounts which represents money that has been used to pay an expense or buy an asset. In double-entry bookkeeping debits are recorded on the left-hand side (= the debit side) of the accounts: »
One of the principles of accounting is that the debits recorded in a ledger should equal or balance the credits in it.● in debit — Cf. in debitⅡ.debit UK US /ˈdebɪt/ verb [T]► BANKING to take or pay money out of a bank account, etc.: »
Your account will be debited as soon as your order has been shipped.debit an account/card with sth »
By agreeing to these conditions, you give permission for us to debit your credit card with the amount stated above.debit sth from sb’s account »
She later discovered that the bank had accidentally debited $517.23 from her account twice.► ACCOUNTING to record an amount in a company's financial accounts which represents money that has been used to pay an expense or buy an asset. In double-entry bookkeeping this is done on the left-hand side (= the debit side) of the accounts.
Financial and business terms. 2012.