debit


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Debit

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.

debit

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 ?
The 2017 Debit Issuer Study is the 12th installment in the study series, commissioned by PULSE and conducted by Oliver Wyman, an independent management consulting firm.
The respondents issue approximately 147 million debit cards, representing about 47% of all U.
But if the frequent flier miles on his Citibank debit card didn't add up, he wouldn't have been listening to blues in Chicago several weeks ago.
In the same situation, assume the card is stolen and used both as a debit card and as a credit card; for example, the thief makes some purchases using the card as a debit card, and other purchases using the card as a credit card.
That organization debits an asset and credits contribution revenue.
Any entity or individual should ask the bank to place an "ACH Debit blocker" on all accounts not to be ACH-debited.
II is being felt most strongly by regulated entities," said Inderpreet Batra, an Oliver Wyman partner who helped lead the Debit Issuer Study.
But the banking industry doesn't perceive prepaid debit cards as competition.
Some financial institutions began issuing "offline" debit cards more than a decade ago.
Debit Savvy Lifestyle: Real-life examples of debit card use, protections and responsibilities
Many customers like the convenience of debit cards, since they're accepted at hundreds of thousands of locations.
3) Which internet debit authentication solution do you use?