Key Terms: Chapter 4 Flashcards
Process Payments from Customers?
1
Q
Remittance Advice?
A
An advice received from a customer telling the seller that a payment has been made.
2
Q
BACS
A
Bankers Automated Clearing Services
A Bank Computer-Based system which makes payment direct from one bank account to another.
3
Q
Settlement Discount?
A
A Percentage reduction in the selling price given to the buyer if the buyer pays within a specified short space of time.
Also known as a cash discount.
