Glossary
Debit
A debit is the left side of an entry; it raises assets and expenses and lowers liabilities, equity and revenue.
What it means for a shop owner
The word does not mean someone owes you or you owe them in the everyday sense; it is just a side of the entry. Every entry has debits equal to credits. If you pay cash for goods, stock is debited.
A worked example
You buy goods for 500 in cash. Stock is debited 500 and cash is credited 500.
Related
Try it in your shop, free, no card.
The free plan: the whole shop for one branch, an offline cashier with stock, debts and accounting, with a daily limit on invoices, expenses and purchase orders. What it includes