be quits

be quits (with someone)

1. To no longer be in a mutual state of debt with someone. I paid you back last week, so now we're finally quits.
2. To have retaliated against someone. All right, he hit you, you him back—please tell me you two are quits now.
See also: quits

be ˈquits (with somebody)

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