be quits

be quits (with someone)

1. Of two or more people, to no longer owe any money to each other. I paid you back last week, so now we're finally quits.
2. To be even (with someone), typically due to having retaliated for a previous misdeed, or having returned a favor. All right, he hit you, you hit him back—please tell me you two are quits now.
See also: quits

be ˈquits (with somebody)

(informal)
1 be in a position in which neither of two people owe each other money any more: If I give you $10, then we’re quits, aren’t we?
2 have done something unpleasant to somebody who did something unpleasant to you: He crashed my motorbike last year and now I’ve crashed his car, so we’re quits.
See also: quits