Business Dictionary :

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Debit : noun : money which a company owes

Debits and Credits = money which a company owes and money it receives

Debit Balance = balance in an account showing that the company owes more money than it has received

Debit Column = left-hand column in accounts showing the money paid or owed to others

Debit Entry = entry on the debit side of an account

Debit Side = left-hand side of an account showing the money paid or owed to others

Debit Note = note showing that a customer owes money

• We undercharged Mr. Smith and had to send him a debit note for the extra amount.

Direct Debit = system where a customer allows a company to charge costs to his bank account automatically and where the amount charged can be increased or decreased with the agreement of the customer

• I pay my electricity bill by direct debit.

Debit : verb : to debit an account = to charge an account with a cost

• His account was debited with the sum of £25.

Debitable : adjective : the amount which can be debited

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