Remittance Advices

Bruce

I am not certain that Remittance Advices are being produced correctly.

In the following example:

• amount invoiced = $27,223
• paid $5,000 previously
• paying $10,000 on 27 July (as per the example)

I'm not sure whether Hosted's Remittance Advice treats the "Balance" as an opening or closing amount but had anticipated that the balance would have been either $22,223 (if Opening Balance) or $12,223 (if Closing Balance). However the Remittance advice is showing the amount of the payment in the Balance column

Have I misinterpreted the Remittance Advice or is there a glitch in the program?

Rav

Hi Bruce

I've been doing a bit of testing on this in my own file and it is a tad confusing.

Can I just confirm though, have there been any other payments in addition to the $5,000 in your specific example to bring the "current" balance down to $10,000?

During my testing, I've found that if I think of each column going from left to right as ..

Original Amount ➡️ Current/Outstanding Balance ➡️ Current Payment

.. then it somewhat makes sense but is still a bit confusing.

In my example below, I had an 'original balance' of $560,000 and had previously made a payment of $60,000 making my 'Balance' $500,000 and my current 'Payment' for this remittance $10,000 (screenshot below).

With that said, this explanation would only apply in your instance if there have been other/previous payments made (in addition to the $5000 payment) that has brought the 'balance' down to $10,000 as listed in your remittance screenshot which you are then making payment for.

Let me know if that is the case though.