AccountingCoach @ presents: Debits and CreditsDebits and Credits JE Debits and credits are similar to the words used in Italy more than 500 years ago when recording business transactions. Today, we continue to use these terms. Debit is used to indicate left. Credit is used to indicate right. Debit means left or left-side. Credit means right or right-side.Note Bookkeepers and accountants store transaction amounts in a record referred to as an account. Accountants will likely use hundreds of accounts for each business or other organization. A listing of the accounts used in a business is known as a chart of accounts. The chart of accounts can be expanded as the need arises. Accounts that contain amounts are contained in the company's general ledger. Hence, the accounts are often referred to as general ledger accounts. Accounts are used to sort, store, and retrieve amounts. Achart of accounts is a listing of the accounts available for use. The accounts with amounts are found in the general ledger.