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EDI 820: Payment Order/Remittance Advice

EDI 820 Definition

The EDI 820 Payment Order/Remittance Advice document is an essential tool in electronic data interchange (EDI) transactions, facilitating the electronic transmission of payment information and remittance details between trading partners. This document serves a dual purpose: it instructs banks to transfer funds between accounts and provides sellers with details about which invoices are being paid, including adjustments or deductions taken, ensuring clarity and accuracy in financial transactions.

What is EDI 820 Used for?

Businesses use the EDI 820 to streamline the payment process, sending payment orders to banks for processing and providing remittance advice to sellers for reconciliation purposes. This document is crucial for automating the payment cycle, reducing manual work, and ensuring that payments are applied correctly to outstanding invoices, thereby improving operational efficiency and financial accuracy.

Key Elements of EDI 820

An EDI 820 document typically includes key elements to ensure comprehensive communication of payment and remittance information:

Benefits of EDI 820

Utilizing the EDI 820 document offers several advantages:

EDI 820 Document Example

Here’s a simplified example of what an EDI 820 might look like in raw data format:

ST*820*0001

BPR*C*1500*C*ACH*CTX*01*123456789*DA*987654321*15123456789**01*999999999*DA*888888888*20241130

N1*PE*Comparatio*1*92*12345

N1*PR*Customer XYZ*2*92*67890

REF*IV*123456

DTM*003*20241130

SE*6*0001

Guide to EDI 820 Terms and Elements:

This example is designed to give a basic understanding of how an EDI 820 document might look, including the types of information it conveys. Remember, the actual implementation might vary based on specific business needs and partnerships.

Transform Your Invoicing with Comparatio

Ready to enhance your payment efficiency with EDI 820? Contact Comparatio today to discover how our EDI solutions can streamline your financial transactions and improve your bottom line.

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