What Does Remittance Advice Slip Mean

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. … Because online payments are becoming increasingly popular, remittance advice slips are sometimes unnecessary.

What is a remittance slip 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. … Like the cash register tape, the remittance advice serves as a record of cash initially received.

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.