Debit

What is Debit?

Debit is an accounting entry that increases asset or expense accounts and decreases liability, revenue, or equity accounts. In double-entry bookkeeping, every transaction has at least one debit and one credit entry. The term comes from the Latin 'debere' meaning 'to owe'. In Tally, debits are recorded on the left side and shown with 'Dr' notation in ledger accounts and vouchers.