Debit

Debit is a term used in accounting to describe a transaction that either increases an asset or expense account, or decreases a liability or equity account. It is positioned to the left in an accounting entry.

Overview

A debit is a record that is made in the left-hand side of a double-entry bookkeeping system to note the fact that a certain amount of asset or expense has increased or a certain amount of liability or equity has decreased. The opposite of a debit is a credit, which records the decrease in an asset or expense or the increase in a liability or equity.

Debit in Accounting

In accounting, the term debit is used to refer to the left side of a ledger account and credit refers to the right side. This system is used to keep track of transactions and to ensure that the books always balance. The total amount of debits must equal the total amount of credits in a transaction.

Debit in Banking

In banking, a debit transaction is one in which money is withdrawn from a bank account. For example, when a customer uses a debit card to make a purchase, the money is deducted directly from their bank account. Debit transactions are also used in online banking, ATM withdrawals, and automatic bill payments.

See Also

• Credit (finance)
• Double-entry bookkeeping system
• Accounting

References

Debit Resources
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