Business Dictionary :
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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