What does Debit mean?
In accounting the term debit stands for a charge to a specific account. To customers the word debit means a charge to a clientís bank account. Credit cards liked to a checking account or a savings account are usually named debit cards, since customers use them to get money from these accounts, thus creating debit. These types of transaction can be created by using an ATM, or automated teller machine, writing a check, returning money to a POS, or a point of sale, to a merchant , or by withdrawing cash.
Debit is basically an entry at an account, which results in an increase of the clients assets or a decrease in oneís liabilities. This is evidenced on a corporationís balance sheet, or in the clientís bank account.
Credit is a debit transactionís opposite transaction.