debit
noun
uk/ˈdebɪt/ us [ 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 ] ACCOUNTING (abbreviation Deb); (deb)
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.
debit
verb [ T ]
uk/ˈdebɪt/ us BANKING
to take or pay money out of a bank account, etc.:
Your account will be debited as soon as your order has been shipped.
debit an account/card with sth By agreeing to these conditions, you give permission for us to debit your credit card with the amount stated above.
debit sth from sb’s account She later discovered that the bank had accidentally debited $517.23 from her account twice.
ACCOUNTING
to record an amount 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 this is done on the left-hand side (= the debit side) of the accounts.
Compare
credit