Also found in: Dictionary, Thesaurus, Financial, Acronyms, Idioms, Encyclopedia, Wikipedia.


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.

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.

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.

A Law Dictionary, Adapted to the Constitution and Laws of the United States. By John Bouvier. Published 1856.
References in periodicals archive ?
Ultimately, whether you choose debit or credit depends on your spending habits and if you want to earn rewards.
Every Visa transaction made on the first month of the newly-approved CEB GetGo Debit Card will earn 5% rebate for the cardholder.
"A larger credit union is often able to move part of its fleet to Dolphin Debit, and then have the chance to see the benefits when compared to the rest of the fleet," said Gary Walston, co-founder of Dolphin Debit.
The good news is that if a fraudulent direct debit is set up in your name you will be entitled to receive a refund from your bank or building society for any payments that have been taken out of your account.
Issuers have put chip debit cards in the hands of consumers at a faster pace than anticipated in last year's study.
Telenor Microfinance Bank's Easypaisa Virtual Debit Card was said to be the most secure debit card in the country, because of the controls and flexibility it gives to the customer at the time of card generation.
The Bank has now expanded that offering to include its debit cards.
Debit cards work by deducting money directly from the user's bank account when using his debit card for cash withdrawals or purchases.
The plan was, and still is, to give about half of that -- $0.10 -- away to local schools every time an enrolled member used his or her debit card.
* This report provides a comprehensive analysis of debit card industry in Australia