ERP Internals/Glossary/Check

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A document that tells the bank to transfer funds from an enterprise bank account to the person or organization to whom the check is payable. A check often consists of two parts: the negotiable part and the remittance advice. The negotiable part is presented to the bank to start the funds transfer. The remittance advice lists the invoices that are being paid and how much is being paid on each. It is kept by the person or organization that received the check. In the case of a payroll check, the remittance advice summarizes the pay and deductions as well as giving YTD totals for various pay and deduction amounts.