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Debit and credit are formal bookkeeping and accounting terms that have opposite meanings and come from Latin. Debit comes from wiktionary:debere, which means "to owe". The Latin wiktionary:debitum means "debt". Credit comes from the Latin word wiktionary:credere, which means "to believe".

It is more common to use the terms in the plural, Debits and Credits.

DEBIT is abbreviated as Dr., while credit is abbreviated as Cr.

"Debit" also refers to the left side of a general ledger account, while "Credit" refers to the right side. Due to the proliferation of bookkeeping and accounting computer software, it is now common for Debits to be mistakenly treated as positive values and Credits to be mistakenly treated as negative values. Positive and negative values allow for mathematical calculations in software programs. This has led to confusion as people do not understand why a sales amount is treated as a negative value, a credit; and an expense amount is treated as a positive value, a debit. If the value of the debits is greater than the value of the credits, then the balance on the account is a debit and should not be described as a positive value balance, but should be described as an account with a debit balance.

Debits and Credits are recorded in a T account as shown below

{] will hold a debit balance being the amount of the unpaid invoices. To fully understand this see Double-entry bookkeeping system where Debits and Credits form the core of that system.

For instance, the journal entry for paying the telephone bill might look like this:

{]s and using a debit card decreases the balance in one's bank account. However, this is because bank statements are traditionally written from the bank's perspective, where the customer's account is a liability. By withdrawing money, the customer is decreasing the bank's liability. Since liability accounts normally have a credit balance, the withdrawal of cash from a banking account is reflected on the bank's balance sheet as a debit.

See also

• Double-entry bookkeeping system

External links

• Debits and Credits Explanation with Examples.

Debits and credits - Wikipedia, the free encyclopedia
Double-entry bookkeeping. Debit and credit are formal bookkeeping and accounting terms.

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