debit

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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 ?
If the consumer contacts the financial institution to ascertain whether a payment (for example, in a home-banking or bill-payment program) or any other type of EFT was debited to the account, or whether a deposit made via ATM, preauthorized transfer, or any other type of EFT was credited to the account, without asserting an error, the error resolution procedures do not apply.
Consumers Prefer to Have their Funds Debited from their Accounts the Day Payments are Made to Billers
Within nine seconds, the consumer's personal bank account is accessed, the availability of funds is verified, and the account is debited similar to the way it would be in a traditional ATM/Debit transaction.