Glossary
Debit (bank statement)
Definition
On a bank statement, money leaving the account — a withdrawal, payment, purchase or fee.
Note the bank's perspective differs from double-entry bookkeeping: a statement 'debit' reduces your bank balance, whereas in your books a bank account is debited when money comes in. Converters normalise this to signed amounts (negative = money out).
Related terms
- Credit (bank statement)
On a bank statement, money coming into the account — a deposit, refund, interest or incoming transfer.
- Running balance
The balance printed after each transaction (or each day) on a statement.
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