Arrears vs Debit - What's the difference?
arrears | debit |
In bookkeeping, an entry in the left hand column of an account.
A sum of money taken out of a bank account. Thus called, because in bank's bookkeeping a cash withdrawal diminishes the amount of money held on the account, i.e. bank's debt to the customer.
To make an entry on the debit side of an account.
To record a receivable in the bookkeeping.
of or relating to process of taking money from an account
of or relating to the debit card function of a debit card rather than its often available credit card function {as used by US Postal Service, Walmart, and other payees
As nouns the difference between arrears and debit
is that arrears is an unpaid or overdue obligation. A debt while debit is in bookkeeping, an entry in the left hand column of an account.As a verb debit is
to make an entry on the debit side of an account.As an adjective debit is
of or relating to process of taking money from an account.debit
English
(wikipedia debit)Noun
(en noun)- A cash sale is recorded as debit on the cash account and as credit on the sales account.
Derived terms
* debit cardSee also
* creditVerb
(en verb)- ''We shall debit your account for the amount of the purchase.
- We shall debit the amount of your purchase to your account.