What does the bank’s SMS notification of payment income mean?

The bank's SMS notification of agency payment income means that the bank will pay the payment recipient on behalf of a certain bank customer. The user who receives the payment will receive the words "Agency payment income" in the text message.

I received a text message saying that the bank payment income has arrived in my account. It should be that the reimbursement money has arrived. Payment on behalf of the customer is to complete the payment business in batches with the same or similar payment methods on behalf of the customer after authorization from the customer.

The collection and payment business refers to the business in which commercial banks use their own settlement facilities to accept the entrustment of customers to handle the collection and payment of specified amounts after authorization from customers.

A typical case of batch payment business is the business of companies paying employees’ salaries through banks. The process is that after the three parties sign the contract, the company will hand over the employee's name, bank card number, salary amount and other information to the bank, and at the same time transfer the total salary that should be paid to the employee.

Extended information:

1. Accounting for agency collection business

The following takes the accounting for agency collection of fines and confiscations from administrative institutions as an example to briefly introduce agency services. Accounting procedures for collection business.

(1) Processing at business outlets

1. The punished person must fill in payment vouchers such as transfer checks or pay cash.

2. After the handling personnel has collected the money according to the fine notice, they will fill in or type a receipt for collecting the fine, and transfer the money according to the time limit stipulated in the agreement. The accounting entries are:

Debit: current deposit of the unit - Account ×× (or cash, deposited with central bank reserves)

Credit: other payables - to be transferred Account for collecting fines

3. When transferring fines, fill in the special transfer debit voucher and the internal transfer collection report as debit and credit accounting vouchers respectively, and handle the transfer procedures. Its accounting entries:

Debit: other payables - to be transferred to the account for collection of fines

credit: transactions within the jurisdiction of the branch - ×× account

(2) Processing by the jurisdictional bank (paying bank)

Direct collection of fines and collection of fines received from business outlets are recorded in the "Financial Accounts to Be Settled" account.

The accounting entries for collecting fines and turning them over to the treasury are:

Debit: Fiscal funds to be settled - reporting fine income - ×× household

Loan: Deposit central bank reserves (or ×× account)

The jurisdictional bank regularly settles collection fees with the financial department.

Reference source: Baidu Encyclopedia - Collection and payment business