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
A charge to a customer's bankcard account A transaction, such as a check, automated teller machine (ATM) withdrawal, or point-of-sale (POS) debit purchase that debits a demand deposit account
A charge on an accounting statement or balance sheet (appearing on the left-hand column); the opposite of a credit Used in bookkeeping and in preparing the closing statement in a real estate transaction
In accounting, a debit to an asset (customer), or expense account, will increase the account balance In contrast, a debit to a revenue or liability (vendor) account will decrease the account balance
is a record of an indebtedness; specifically : an entry on the left-hand side of an account constituting an addition to an expense or asset account or a deduction from a revenue, net worth, or liability account
of or relating to the debit card function of a debit card rather than its often available credit card function {as used by US Postal Service, Walmart, and other payees}
(1) An accounting entry that increases the balance of an asset or expense account or decreases the balance of a liability, income, or equity account (2) A charge against a customer’s balance or bank card account
an entry that increases asset and expense accounts or decreases liability, equity, and revenue accounts; recorded on the left side of a T-account (p 90)
This term relates to deposit accounts such as checking and savings A debit is money that is taken out of your account Debits include checks that you write, ATM withdrawals, point-of sale transactions, bill payments, and pre-authorized automatic payments such as mortgage or auto loan payments Bank service charges and fees that come out of your account are also called debits