What does remittance advice mean?
What does remittance advice mean?
A remittance advice is a document which provides a breakdown of the invoices included on a payment. It is sent from a customer to a supplier letting the supplier know they have paid their invoice.
What is remittance advice in banking?
Remittance advice meaning In short, remittance advice is a proof of payment document sent by a customer to a business. Generally, it’s used when a customer wants to let a business know when an invoice has been paid. In a sense, remittance slips are equivalent to cash register receipts.
Is remittance advice proof of payment?
In short, remittance advice is a proof of payment document sent by a customer to a business. Generally, it’s used when a customer wants to let a business know when an invoice has been paid. In a sense, remittance slips are equivalent to cash register receipts.
Why is it called remittance advice?
Remittance advice is a letter sent by a customer to a supplier to inform the supplier that their invoice has been paid. Remittance advices are not mandatory, however they are seen as a courtesy because they help the accounts-receivable department to match invoices with payments.
What do I do when I receive a remittance advice?
Whoever receives the remittance advice should immediately compare it to the amount of the payment received to make sure they match. 1 It can then be filed with invoices and other important documents for the client who sent it or scanned into a computer system if payments are tracked electronically at your company.
Is a remittance advice the same as a receipt?
A payment receipt is a proof of payment document that can be issued to customers to show that their money has been received. Remittance advice notes, on the other hand, are sent by customers to businesses.
What is the purpose of a remittance advice?
Remittance advice is a letter sent by a customer to a supplier to inform the supplier that their invoice has been paid. If the customer is paying by cheque, the remittance advice often accompanies the cheque.
How can I access Remittance advices?
From the SPOT home page: • To view a remittance advice within SPOT,click on the ‘ Payment Data ‘ tab at the top of the home page.
What is on a remittance advice slip?
remittance advice slip. A document sent by a customer to the supplier of a product or service informing the supplier of the payment of their invoice or bill.
What is a payment remittance advice?
A remittance advice is basically a letter that is sent by a customer to a supplier informing him that their invoice is paid. If the customer is making payments by cheque, the remittance advice is usually accompanied with the cheque.
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