What is remittance payable?

"Remittance and temporary deposit" accounts for and reflects all kinds of funds remitted by commercial banks from this system, other commercial banks, commercial banks in Hong Kong and Macao, and foreign correspondent banks, as well as funds that need to be temporarily stored by units and individuals who have not opened accounts in this bank.

The Accounting Method for Payment and Settlement promulgated by the People's Bank of China stipulates that "remittance payable and temporary deposit" can be used in the following situations: first, the agent paying bank of bank draft completes the transfer of funds through the transition of the holder's account established under the undergraduate course when paying the bank draft submitted by an individual who has not opened an account in the bank; Second, if the holder of the bank draft fails to receive the payment within the payment period, the drawer will cancel the remittance account and transfer the funds through the transition of the holder account established under the undergraduate program; Third, the acceptance bank accepts the draft. When bills are collected from the drawer on the maturity date, the bills will be transferred from the drawer's deposit account to the drawer's account established under the undergraduate course. When the acceptance bank receives the entrusted receipt voucher and bill from the holder's bank, it will transfer the bill funds from this account to the holder's bank. Fourth, the agent bank that receives and pays cash by credit card, through the transition of personal credit card account under undergraduate course, proposes bill exchange to the cardholder's account bank; Fifth, before the payee who has not opened a bank settlement account in the bank withdraws the remittance, the bank will set up a payee account to temporarily receive the remittance.