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Related to debits: direct debits


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 ?
For example, if a consumer authorizes a one-time ACH debit from the consumer's account using a blank, partially completed, or fully completed and signed check for the merchant to capture the routing, account, and serial numbers to initiate the debit, the check is not an access device.
That organization debits an asset and credits contribution revenue.
There is no paper trail for ACH Debits other than the posting to a monthly bank statement.
The strategic healthcare relationship established today offers employers and carriers a debit card solution that, when coupled with SHPS' claims processing expertise, will redefine the way in which employees use their spending accounts," said Rishabh Mehrotra, SHPS' president, human resource solutions and chief technology officer.
USXP Capital is a financial services company that recently began offering Visa, MasterCard and other branded prepaid debit cards.
Debit Q&A: Offers site visitors the opportunity to ask questions and get answers about debit
Q Comm's Qxpress POSA terminals will be used for loading and reloading our prepaid debit cards," says Brett Hudson, Director of UXP Cash Express, a division of Universal Express Capital.