debit


Also found in: Dictionary, Thesaurus, Legal, Financial, Acronyms, Idioms, Wikipedia.

debit

A monetary amount that is subtracted from an account balance. A debit from one account is a credit to another. See credit.

Debit

 

the left side of bookkeeping accounts. All economic operations are recorded as a debit in one account and as a credit in another. In active accounts, debit designates an increase in recorded sums; in passive accounts, it designates a decrease. Thus, in active property accounts, which serve as a record of the movement of commercial-material values, a debit shows the value of goods on hand at the beginning of the year and the receipt of goods during the reporting year. In active settlement accounts, debit refers to the payments due from debtors at the beginning of the year and their increase during the course of the year; in passive settlement accounts. it is the settling of debts owed to creditors.

References in periodicals archive ?
However, usage of debit cards in mobile wallets remains low.
PULSE EVP of Marketing and Communications Steve Sievert added, "The past decade saw a major shift in consumer preference to paying with debit cards, which accelerated after the 2008-2009 recession.
And they would be getting a relatively low-cost deposit with this new debit card,'' Mehta said.
A consumer has a card that can be used either as a credit card or a debit card.
When the beneficiary is an affiliate, the resource provider debits an equity transaction such as interest/investment in affiliate and credits an asset or payable.
If the ACH Debit method is used, anyone having the entity's TIN can hack at the PIN, and, if successful, mischievously transfer funds on its behalf.
With many underserved communities dependent on check-cashing stores for their banking needs, prepaid debit cards are a viable alternative, according to Harvey Rosenfield, president of Santa Monica-based The Foundation for Taxpayer & Consumer Rights.
Generally speaking, the oldest type of debit card in the United States is the automated teller machine (ATM) card used by consumers to make deposits, withdrawals, and transfers between deposit accounts.
A lot of consumers out there don't know about the dangers of debit cards,'' said Angie Farleigh, spokeswoman for the Mar Vista-based consumer group.