What is remittance amount on statement?

What is remittance amount on statement?

Deriving from the term ‘remit’ (meaning “to send back”), remittance refers to a sum of money that is sent back or transferred to another party. It covers virtually any payment, from bills to invoices, and is typically used with overseas payments – when one party is based in another country.

Whats the difference between a statement and a remittance?

A Remittance Advice is receipt for the payment. Please see the page Remittance Advice for further information on producing your remittance. Statements. A Statement is a statement of account for either the Landlord or the Contractor.

Do you pay a statement or an invoice?

You send an invoice when you want someone to pay you for goods or services you provided. An invoice is the legal or technical document for a bill. A statement on the other hand is an up-to-date report on what buyers still owe vendors on account. It is the status of a customer’s account at a certain point in time.

Is remittance same as bank transfer?

What is the Difference Between a Bank Remittance and a Bank Transfer? A bank transfer is when you send a certain amount from one account to another. A bank remittance is used when a transfer is made between two different accounts.

What does remittance mean on bank statement?

A Remittance is a transfer of funds to another bank account, sent as a payment or a gift. A remittance refers to a money transfer that is sent as a payment or gift to another party. You may send a payment remittance to meet a bill or invoice obligation.

What is remittance for BACS payment?

Simply put, Bacs remittance advice is a remittance advice slip for a Bacs payment. If you receive a Bacs payment remittance advice letter, it’s an indication that a payment has been made to your account. If you check your bank account, you should see a new payment in your account.