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Remittance Advicenoun

A notice telling a supplier which invoices a payment covers.

Remittance advice accompanies a payment and lists the invoices settled, any deductions applied and the net amount transferred. Without it, a lump-sum payment is a puzzle for the supplier to solve.

Sending it routinely prevents most payment queries and speeds up the supplier’s own cash application, which is why it is a small courtesy with a real effect on relationships.

Also called

  • payment advice
  • remittance

See it in AWRA OpsHub

Vendor Payments

Related terms

Accounts Payable

AP

Money your business owes to suppliers for goods or services received.

Bank Reconciliation

Matching ledger cash records against the bank statement.

Payment Terms

The agreed timing and conditions for settling an invoice.

Invoice

A seller’s itemised request for payment for goods or services.

More in Accounting

Accounts Receivable (AR) Accrual Accounting Accrued Expense Aging Report Bad Debt Provision Balance Sheet Break-Even Point Budget Variance

Remittance Advice is not just a definition here

Accounting runs on this vocabulary every day in AWRA OpsHub — 51 of our 257 glossary terms describe things the platform actually does.

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