be 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