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I'm not sure if this is your point of confusion, but when an account is said to be debited (or credited), the words "debited" or "credited" are not referring to a type of account (such as "checking"). They are referring to an operation that is performed on an account. The same account can be credited at one time and debited at another time.
The bank "credit's" your account for money coming into it. In double entry accounting, you always have a debit and a credit to balance the accounts. As an Example: for $500 that the bank credited to your checking account, you would post a debit to Cash and a Credit to Income Earned.
2. Waddler said it right, it depends on whether or not it is going against asset or liability. Your salary is said to be credited in bank's term, whereby the bank experiences a increase in its liability (your bank deposits) and hence its a credit for them. We usually understand that its a credit for us, however not. This is what I understand.
A Debit card will charge your bank account directly. A Credit card will charge your bank account some time later. In both cases the shop owner has the money available directly. It's called Credit because somebody believes you will be able to pay your debt on time (or later with an interest). As for purchase and sales. A customer buys = makes a ...
It's exactly equivalent to the "Average Daily Balance" method; at the end of each month, the balance of your account on each day is summed, divided by the number of days in the month, then that number is multiplied by the APY / 365 * (number of days in the month).
1 Answer. Sorted by: 6. 'In credit' means you have money in your account. It would say 'overdrawn' or something similar if you went into overdraft. Share. Improve this answer. edited May 18, 2016 at 15:56. answered May 18, 2016 at 15:27.
So if your bank is paying out an annual rate of interest of 1%, compounded inifinitely over a period of one year, you could expect to have e^0.01 = 1.01005 times your original principal in your bank account at the end of the year. Your first question was perfectly answered by @Chris W. Rea.
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It can mean either. When A owes B money, then A is in debit with B and B is in credit with A. What the (Credit) means in this case depends on whether it is meant from the perspective of the utilities company or meant from the perspective of the customer.
So there are two refunds: a refund to the account, which is a credit, and then a refund of the negative balance to you, with is a debit of the account. CC bills usually show the balance in their favour rather than yours like a regular checking account, so positive means you owe them money and negative means they owe you money, but the debits ...