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Debit definition and meaning | Collins English Dictionary Jan 16, 2023 · debit in American English (ˈdebɪt) noun 1. the recording or an entry of debt in an account 2. Accounting a. that which is entered in an account as a debt; a recorded item of debt b. any entry or the total shown on the debit side c. the left-hand side of an account on which such entries are made (opposed to credit ) 3. Debit vs. Credit: What’s the Difference? - The Balance Aug 20, 2021 · Debits increase asset or expense accounts and decrease liability accounts, while credits do the opposite. As your business grows, recording these transactions can become more complicated, but it is crucial to do it correctly to maintain balanced books and track your company’s growth. Debit financial definition of debit - TheFreeDictionary.com Debit. A debit is the opposite of a credit. A debit may be an account entry representing money you owe a lender or money that has been taken from your account. For example, your ba...