When a bank collects a notes receivable, it notifies the payee that the net amount has been added to the payee's account by using a credit advice.

Name: When a bank collects a notes receivable, it notifies the payee that the net amount has been added to the payee's account by using a credit advice.
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This statement is true. A credit advice is a notification that a payment has been made and added to the payee's account.

When a Bank Collects a Notes Receivable, It Notifies the Payee