What does remittance refer to?

Remittance specifically refers to the money that is sent back, typically in the context of payments related to goods and services. This term is often used to describe funds that are transferred from one party to another, especially across borders, to settle a debt or fulfill payment obligations. It reflects the function of transferring money rather than the process of generating revenue or processing fees.

In this context, while total sales for the month represents income generated by selling goods or services, remittance is about the actual payments received, distinguishing it from other financial metrics like taxes or banking fees. Therefore, identifying remittance as the amount of money sent in payment underscores its role in financial transactions rather than its association with sales volume, tax obligations, or financial institution charges.