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What is Remittance Advice?

Definition: Remittance advices are notes to suppliers sent from their customers to let them know that they have paid their invoices. Remittance advices can include items like invoice numbers, invoice amounts and text notes.
Although they are optional, remittance advices ease the process of matching invoices and payments for the supplier and so are considered a useful service.

Remittance advices work as a proof of payment received and are thus equivalent to a reciept from a cash register.

Remittance advice types

The most basic type of remittance advices are notes or letters stating the invoice number plus the paid amount.

Some firms instead choose to create invoices with a slip that the customers can send together with their payment.

Using modern software, remittance advices can also be scanned and saved in an online system for later data entry. Modern remittance advices may consist of a vast quantity of invoice numbers in addtion to other details.

How to use remittance advices in e-conomic

e-conomic allows you to set up a remittance advice template that you can then use for the suppliers that you wish when you pay invoices .

For more information about how to use remittance advices in e-conomic, please visit our e-copedia.

 

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