Sanction account, the thing’s getting in red (8)
I believe the answer is:
Here is my best explanation:
'sanction' is the definition.
'account the thing's getting in red' is the wordplay.
'account' becomes 'acc'.
'the thing' becomes 'it'.
'getting in' is an insertion indicator.
'accit' placed around 'red' is 'ACCREDIT'.
(Other definitions for accredit that I've seen before include "Attribute (something to)", "Appoint", "Give official recognition to", "Red cacti (anag)", "Give authority or sanction to", "Accept as true", "Show to be correct", "Endorse", "Cat cried (anag.)" and "Authorize".)