Sanction account, the thing’s getting in red (8)
I believe the answer is:
'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 "Red cacti (anag)" , "Trace CID and send them with credentials" , "Show to be correct" , "Attribute (something to)" , "Cat cried (anag.)" .)