debit

(redirected from debits)
Also found in: Dictionary, Thesaurus, Legal, Financial, Acronyms, Idioms.
Related to debits: direct debits

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 ?
Clear Direct Debit is a specialist in providing Direct Debit solutions and advisory services.
TOP TIP CHECK your bank statement, and in particular your direct debits, monthly.If anything does not look right, contact your bank immediately.
Mobile phone bills were found to be the third most popular Direct Debit with females much more likely to pay for their bill by Direct Debit.
A few days later - on April 21 - M&S took PS3619.20 out of my Nationwide account via direct debit.
(20) By the 1980s, banks began issuing debit cards that could be used at ATMs and that could be used for purchases at retailers, with the funds deducted directly from the customer's deposit account.
Paying your BT bill by direct debit will save you pounds 18 a year as the phone giant charges customers pounds 1.50 a month if you choose other methods.
But STS's company directors said they'd never authorised any of the direct debits.
The resource provider debits an asset and credits an asset or payable.
Direct debit payments have proved to be such a big hit that up to 32 million people now use them to settle bills - a 400 per cent increase in 10 years.
Studies conducted by the private sector and by the Federal Reserve in the late 1980s concluded that charging fees to reduce daylight overdrafts and their associated risk would be preferable to other means, such as collateralization and more restrictive net debit caps.
It's the difference between "debit" and "credit." Debit means "subtract." When you use a debit card, you are subtracting your money from your own bank account.
An SEPA direct debit is a transfer initiated by a creditor through a bank in the terms of an agreement between the creditor and the debtor.