Remittance advice, also known as payment advice, is a note sent by a customer telling their supplier that an outstanding invoice has been paid. Since most digital payments are instant, or near enough, remittance advice is not a common part of ecommerce accounting.
Before digital payments, remittance advice was sent in the post along with a cheque and gave information about what the cheque was for. This made it a lot easier for the clerk opening the mail to work out which invoice to match the payment to. In the 21st century, most accounting software uses AI to match open invoices to payments. There are a few cases where an ecommerce business might receive payment advice:
the transaction is B2B or wholesale
the payment method is an invoice and the payment terms are net-60 or net-90
Remittance advice, also known as payment advice, is a note sent by a customer telling their supplier that an outstanding invoice has been paid. Since most digital payments are instant, or near enough, remittance advice is not a common part of ecommerce accounting.
Before digital payments, remittance advice was sent in the post along with a cheque and gave information about what the cheque was for. This made it a lot easier for the clerk opening the mail to work out which invoice to match the payment to. In the 21st century, most accounting software uses AI to match open invoices to payments. There are a few cases where an ecommerce business might receive payment advice:
the transaction is B2B or wholesale
the payment method is an invoice and the payment terms are net-60 or net-90
Remittance advice, also known as payment advice, is a note sent by a customer telling their supplier that an outstanding invoice has been paid. Since most digital payments are instant, or near enough, remittance advice is not a common part of ecommerce accounting.
Before digital payments, remittance advice was sent in the post along with a cheque and gave information about what the cheque was for. This made it a lot easier for the clerk opening the mail to work out which invoice to match the payment to. In the 21st century, most accounting software uses AI to match open invoices to payments. There are a few cases where an ecommerce business might receive payment advice:
the transaction is B2B or wholesale
the payment method is an invoice and the payment terms are net-60 or net-90
Remittance advice, also known as payment advice, is a note sent by a customer telling their supplier that an outstanding invoice has been paid. Since most digital payments are instant, or near enough, remittance advice is not a common part of ecommerce accounting.
Before digital payments, remittance advice was sent in the post along with a cheque and gave information about what the cheque was for. This made it a lot easier for the clerk opening the mail to work out which invoice to match the payment to. In the 21st century, most accounting software uses AI to match open invoices to payments. There are a few cases where an ecommerce business might receive payment advice:
the transaction is B2B or wholesale
the payment method is an invoice and the payment terms are net-60 or net-90