An offtopic question about business english.

S

serdar

What is the proper/formal words used for debt-credit?
I am using these for column names in the "accountancy table" of the firm.
(plus what do we call this "accountancy table" of a firm which keeps record
of "money actions" (here is another improper translation maybe:)

Sorry for irrelavency of the thread.
 
B

Bernard Liengme

Perhaps you should find a Business 100 text.
Debit : money going out
Credit : money coming in
Asset : can be money owed to you (a customer's unpaid bill)
Liability : money you owe to someone else (unpaid debt)
The movement of cash in and out is often called 'financial transactions'
 
S

serdar

Thanks.
Perhaps you should find a Business 100 text.
Debit : money going out
Credit : money coming in
Click to expand...

...which means i can use "debt" and "credit" for column names of a table
showing financial transactions between my firm and various banks (what do we
call such a table?). Or should i use Asset/Liability instead? What is the
conventional approach?

Any suggestions of websites about business terms?
 
B

Bob Phillips

Debit and credit, not debt and credit.

Assets and liabilities are not just the financial transactions, they can
relate to material items, such as a building (an asset) or a mortgage ( a
liability).

--

HTH

RP
(remove nothere from the email address if mailing direct)
 
S

serdar

thank you, that helped.

haber iletisinde þunlarý said:
Debit and credit, not debt and credit.

Assets and liabilities are not just the financial transactions, they can
relate to material items, such as a building (an asset) or a mortgage ( a
liability).

--

HTH

RP
(remove nothere from the email address if mailing direct)


do
Click to expand...
 
A

Andy Wiggins

Oops:

In your own books, a debit entry in the cash account is money coming in.

I think you are making the common mistake of relating your bank account
statement to the meaning of debit and credit. When you get your bank
statement you are seeing a copy of your account in THEIR books. So in terms
of their accounts, money you deposit is debited to the cash account and
credited to your account. this means that a credit balance on your account
is money they owe.

You get it right further down the list. Remember that a debit is an asset
and a credit is a liability. Therefore, as you rightly say, a liability is
money you owe to someone else, which will be a credit entry or balance on
that person's account. The double entry is the debit in the cash account.
When you pay that person their money the entries are: debit their account
(to clear the outstanding amount) and credit the cash account (money going
out, which you owe them).
 
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