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 ?
Where a consumer authorizes a third party to debit or credit the consumer's account, an account-holding institution that has not received advance notice of the transfer or transfers must provide the required disclosures as soon as reasonably possible after the first debit or credit is made, unless the institution has previously given the disclosures.
If the consumer indicates use of a credit card account when in fact a debit card is being used, the payee does not violate the requirement to obtain a written authorization if the failure to obtain written authorization was not intentional and resulted from a bona fide error, and if the payee maintains procedures reasonably adapted to avoid any such error.
When an asset transfer occurs and the recipient organization and specified beneficiary organization are financially interrelated, the resource provider debits an expense and credits an asset or payable.
A separate bank account (without checking privileges) should be considered for making ACH Debits, so that very few people will have access to the ACH Debit account number information.
First Data and UMB Bank's unparalleled systems, along with our claims processing and adjudication technology, will give our clients a debit card solution with unmatched flexibility," added SHPS' Mehrotra.
Q Comm's Qxpress POSA terminals will be used for loading and reloading our prepaid debit cards," said Brett Hudson, director of business development at Universal Express Capital.
This allows us to offer our customers who prefer using a debit card the benefits of earning miles with their purchases," said Maura Markus, President of Citibanking North America.
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