Meaning of “quits” in the English Dictionary

british dictionary

"quits" in British English

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quitsadjective

uk /kwɪts/ us /kwɪts/ UK informal
be quits

to not owe money to someone or to each other now:

I paid for the tickets and you bought dinner so we're quits, I reckon.
Am I quits with you now?

(Definition of “quits” from the Cambridge Advanced Learner’s Dictionary & Thesaurus © Cambridge University Press)