Software: Intuit #QuickBooks #accounting software
Remittance agent helps a person/company remit the money from a country to another. In Singapore, you need to have a license from the Monetary Authority of Singapore (MAS) to operate a remittance service business.
If remittance service is a form of payment method you used, you create the Remittance Agent as a bank account type in the QuickBooks and use it in the Pay Bill transaction. The Pay Bill transaction debits the Accounts Payable account and credit the Remittance Agent account.
Then, use a Write Cheque, or a General Journal to record the money transfer from your bank to the Remittance Agent account. Since the journal debiting the Remittance Agent account and credit the bank account, the Remittance Agent account will be contra off with the earlier Pay Bill transaction. If the remittance fee is paid together with the remitted amount, then add it to the fund transfer transaction.
The process is:
BANk > write cheque/general journal > REMITTANCE AGENT > pay bill > SUPPLIER BILL