Any entry on or to the left side of a balance sheet, T-account, or journal entry The Local School Accounts that normally carry a debit (left side) balance are your Cash (010) and Investment (030) accounts Increases to these accounts would be debits while decreases would be credits
Debit and credit are two of the most confusing terms in the financial world They mean one thing when your banker is discussing your account balance And they take almost the opposite meaning when used by your accountant In accounting, a debit increases the balance of an asset or expense account; a credit to the same account decreases the balance It would serve you better if all professionals used the terms "increase" or "decrease" in a given account Debit and credit are terms used in double-entry accounting
Entry on the left side of a DOUBLE-ENTRY BOOKKEEPING system that represents the addition of an ASSET or expense or the reduction to a LIABILITY or REVENUE (See CREDIT )
A debit is a record of the money taken from your bank account, for example when you write a cheque. The total of debits must balance the total of credits. see also direct debit
When your bank debits your account, money is taken from it and paid to someone else. We will always confirm the revised amount to you in writing before debiting your account