In accounting what is the opposite of a credit?
Balance (accounting) Balance (accounting) In banking and accounting, the outstanding balance is the amount of money owed, (or due), that remains in a deposit account. In bookkeeping, “balance” is difference between the sum of debit entries and the sum of credit entries entered into an account during a financial period. When total debits exceed total credits, the account indicates a debit balance. The opposite is true when the total credit exceeds total debits, the account indicates a credit balance. If the debit/credit totals are equal, the balances are considered zeroed out. In an accounting period, "balance" reflects the net value of assets
Mutual credit do it would be the ) and while credit is well enough understood, just what is mutual is wide open to interpretation, it could be: Money is much more than a record of what we have spent and earned. Though the definition of money itself is highly contentious, it is usually important that it be generally exchanged for useful things. What makes a mutual credit accounting system, into something like a money system is the contractual obligation of account holders to close all accounts at zero, which is to say, to depart the system neither owing nor owed. The credit