Remittance advice is a detailed notification of the payment amount sent by a payer to a payee. Examples are customer to vendor or supplier, employer to employee, bank or money transfer company to the receiver of funds, or from a claims processor to a healthcare provider as electronic remittance advice (ERA) when patients’ insurance claims are paid.
Small businesses can select lower-priced software that competes directly with QuickBooks. Fast-growing venture capital-backed companies can start at a higher level with scalable ERP software that handles GAAP financial reporting, streamlines business processes, and will continue to meet their business needs as they grow.
Cash control is cash management and internal control over cash. Controlling cash receipts and cash disbursements reduces erroneous payments, theft, and fraud. Internal control includes corporate governance, company policies, segregation of duties, authorized approvals for purchases, designated signature authority with limits, payments reconciliation, and bank account reconciliation.
QuickBooks Online, with its QuickBooks Payments option, uses Intuit Merchant Services for customer credit card processing services, and efficiently receives credit card payments. QuickBooks credit card processing includes customer payment links when invoicing, depositing cash receipts from payments into the user’s merchant account daily, and automatically recording the credit card transactions.
Accrued revenue is an asset account that could be accounts receivable to record revenue that’s earned before cash is received, under the generally accepted accounting principles (GAAP) accrual basis of accounting. GAAP accounting standards, including ASC 606 for revenue recognition in corporate finance, are based on the revenue recognition principle that defines when revenue is earned.