Accounting 101 Debit -vs- Credit

Matt Armstrong
Thu, 18 Jul 2002 00:26:16 -0600

I've turned "Use accounting labels" on because I was getting confused
when the informal synonyms used in GnuCash kept changing depending on
the account I was in.

Anyway, the terms seem to be used the exact opposite of what I would

    Account:Liquid:Savings debit $0.14
    Income:Interest credit $0.14

I would expect interest income to credit my Savings account, since the
balance increases.  I suppose this comes from my ATM Debit card, where
I use it to withdraw money.  So I think of debit as "withdraw."

Can someone with accounting knowledge explain to me the accounting
definitions of debit/credit?  The dictionary was no help.