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English definition of “debit”

debit

noun
 
 
/ˈdebɪt/
[C] BANKING an amount of money that is taken out of a bank account, etc.: Once your contract with them ends, the company should no longer take monthly debits from your account. The statement showed a debit of £350 on January 22. → Compare credit
[U] BANKING the system of taking money from a bank account, etc., for example, by using a debit card: When you swipe your card at the checkout line, you'll be asked if you want to pay by debit or credit. debit payment/transaction/purchase I had lost the original invoice but I still had the debit receipt. → See also direct debit
[C] (abbreviation Deb, deb) ACCOUNTING an amount recorded that is recorded in a company's financial accounts which represents money that has been used to pay an expense or buy an asset. In double-entry bookkeeping debits are recorded on the left-hand side (= the debit side) of the accounts: One of the principles of accounting is that the debits recorded in a ledger should equal or balance the credits in it. → Compare credit
in debit BANKING if a bank account, etc. is in debit, more money has been taken out of it than was originally put into it or paid: These transactions had put his account in debit.
(Definition of debit noun from the Cambridge Business English Dictionary © Cambridge University Press)
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