If you are looking for how to create a payment advice format in Excel, then you are in the right place. In our practical business life, we need to make payment advice while doing any project or dealing with goods and products. In this article, we’ll try to discuss how to create a payment advice format in Excel.
What Is Payment Advice?
A payment advice is a money order the utility establishes on its own initiative. When a bill is paid in full, the utility sends the client a document containing the client’s bank information and the payment amount. In other words, payment advice is a document of communication sent by a buyer to a business which states that an invoice has been paid.
The Components of a Payment Advice
A payment advice should have some basic components without which it is incomplete. Those are.
- The Name and Address of the Business
- The Name and Address of the Recipient
- Number of the Invoice
- Payment Amount
- Mode of Payment
- Date of Issuance
How to Create Payment Advice Format in Excel: with Easy Steps
Creating a payment advice format is quite easy. We need to remember the main components of it while making it. However, we should follow some simple steps to create it.
1. Adding Name and Address of Supplier and Recipient
- Firstly, we have to add the name and address of the supplier and recipient. Here, the name of supplier mainly means the business name which is supplying products or giving workforce.
- The name and address of the supplier should be placed at the top-middle position of the payment advice. In the address, we should add a detailed address such as road number, city name, state name, country name, etc. Here, the supplier name is XYZ Company and the address of the supplier is 60/A, Nelson Road, Adelanto, California, USA.
- Secondly, we should add the name and address of the recipient. It should be located at the top-left corner just below the name and address of the supplier. Here, the recipient’s name is William Handy and the address of the recipient is 130/C, Obama Street, California, USA.
2. Giving an Invoice Number
In the second step, we should add the invoice number. It can be any number which may contain a combination of text and number according to the company policy. Eventually, the location of the invoice number should be at the right-top side of the payment advice just below the name and address of the supplier.
- Let’s provide the invoice number. In this case, the invoice number is RTEP 102022.
- Additionally, we need to add a Date with the invoice number.
3. Adding Mode of Payment and Payment Amount
Mode of payment defines through which the payment should be transferred. Generally, in most of the cases, Inter Bank Transfer is the mode of payment. So, in this step, we need to add a mode of payment.
- Importantly, we should add a mode of payment in a cell which is under a specified tabular form. Here, the mode of payment is Inter Bank Transfer.
- Secondly, we need to add the bank details through which payment is done. We should add Bank Account Number, Bank Name, and any specific regional bank information. In this case, the Bank Account Number is 96430336756 and the Bank Name is California Overseas Bank.
- Thirdly, we have to add the Payment Amount. It is the amount which we need to transfer following the specified mode of payment. Here, it is $30,000.
4. Giving Data of Issuance
- In the last step, we need to add the data of issuance. We should add it in the table of column header Payment Details. Eventually, here, the payment is Issued From HDFC Bank.
- Additionally, we need to add Instrument Details that we are delivering to the recipient. Every instrument has its own code number according to the company policy. In this case, the Instrument Details is LCGHTY564312.
Things to Remember
- We should add a convenient letter body before presenting the table.
- The line spacing should be adjusted according to the requirement. That means, there should be a gap between each component of the payment advice. We need to fix it properly.
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That’s all about today’s session. And these are the ways to create advice payment advice format in Excel. We strongly believe this article would be highly beneficial for you. Don’t forget to share your thoughts and queries in the comments section below.