What is Debit?

In the context of construction, debit refers to the process of deducting or reducing funds from a construction project budget or account. This may happen when expenses exceed the initial budget estimates or when changes in the scope of work require additional funds to be allocated. Debit transactions are typically recorded to track and manage the financial aspects of a construction project, ensuring that expenditures are properly accounted for and managed.Debits in construction can also refer to the amount owed to suppliers, subcontractors, or vendors for materials, equipment, or services provided. These debits are typically recorded in the project's accounting system and must be paid in a timely manner to avoid any delays or disruptions to the construction process. Managing debits effectively is crucial to the success of a construction project