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A sum charged as due or owing. An entry made on the asset side of a ledger or account. The term is used in bookkeeping to denote the left side of the ledger, or the charging of a person or an account with all that is supplied to or paid out for that person or for the subject of the account. Also, the balance of an account where it is shown that something remains due to the party keeping the account.

As a noun, an entry on the left-hand side of an account. As a verb, to make an entry on the left-hand side of an account. A term used in accounting or bookkeeping that results in an increase to an asset and an expense account and a decrease to a liability, revenue, or owner's Equity account.


noun amount due, amount payable, arrears, bills, commitment, debt, deferred payment, expensum, liability, obligation, pecuniary due, sum owing, that which is owed
Associated concepts: debit agent, debit and credit system, debit life insurance
Foreign phrases: Perjuri sunt qui servatis verbis juramenti decipiunt aures eorum qui accipiunt.They are perjured, who, by preserving the words of an oath, deceive the ears of those who receive it. Non decipitur qui scit se decipi. A person is not deceived who knows she is being deceived. Fraus et dolus nemini patrocinari debent. Fraud and deeeit should not excuse anyone.
See also: arrears, charge, cost, debt, due, expense, liability, obligation

DEBIT, accounts, commerce. A term used in bookkeeping, to express the left- hand page of the ledger, to which are carried all the articles supplied or paid on the subject of an account, or that are charged to that account. It also signifies the balance of an account.

References in periodicals archive ?
Debit cards help budget-conscious consumers stay within their means, since purchases mainly are limited to the amount of money in checking accounts.
UJB Financial's debit card volume reached a record one-day level last Saturday, December 17, with $1.
And the debit card product can be looked at as a form of forced savings.
Chicago-based LaSalle's newest service allows customers to log in and view all ACH debits received for posting to their accounts each day.
to establish the Rush Card--a prepaid Visa debit card (www.
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.
The hospital will debit "Interest in the net assets of Presbyterian Health System Foundation" and credit "Change in interest in Presbyterian Health System Foundation.
Enrolling for the ACH Debit payment option automatically enrolls a taxpayer for ACH Credit payments, allowing him to alternate between methods.
Debit Q&A: Offers site visitors the opportunity to ask questions and get answers about debit
Our members are fast realizing that Discover Debit delivers the same acceptance as the other networks at a much lower cost to the issuer," said William Kroll, executive vice president at the American Bankers Association.
For a man who made his name as an all-star Los Angeles Laker, Johnson said he is comfortable adding a debit card to a growing portfolio of business ventures.
Growing use of credit and debit cards has slowed the increase in check volume but so far has not reversed it.