(1) Time allowed for the payment of goods and services ( 2) Power to buy or borrow on trust. (3) In bookkeeping the right-hand side of an account, as opposed to a debit. It is all monies received in an account. A credit transaction is made when the net sale proceeds are larger than the net buy proceeds (cost), thereby bringing money into the account. See Debit. (4) A deposit against which one may draw.