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Debit

Definition of 'Debit'

The general meaning of a debit is a payment taken out from an account, or a payment owed.

In accounting terms, ‘debit’ means an entry which records an amount owed, and is usually recorded by bookkeepers on the left hand side of a double-entry accounting system.

In banking terms, ‘in debit’ means that a customer has borrowed more monies with the bank than he or she has deposited, and a debit balance means that the person owes money to the bank.

A debit is generally the opposite of a credit.

’Debited’ is also used as a verb meaning ‘deducted’, as in ‘your card will be debited with the sum of £10’

The usual abbreviaton of debit is 'DR', as in 'your balance is £10 DR'(overdrawn)

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Credit Jargon Starting 'G'

Credit Jargon Starting 'I'

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Credit Jargon Starting 'L'

Credit Jargon Starting 'M'

Credit Jargon Starting 'S'

Credit Jargon Starting 'T'

Credit Jargon Starting 'V'

Credit Jargon Starting 'W'

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