Remittance Letter - Definition
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What is a Remittance Letter?
A remittance letter, sometimes referred to as a remittance slip, is a letter attached to a payment that explains what the payment is meant for and provides explicit clarification so that the payment is made accordingly. For instance, if Company A supplies goods or services to Company B, a remittance letter is sent by Company B to Company A to inform them that payment has been made for the goods supplied or services rendered.
The remittance letter generally contains the receivers (customers name), the address, receiving account, amount to be paid, the due date for payment, among other information.