Invoice finance

Thank you for your help.

The problem I have found is if I do this it makes the VAT due, of course it is not due until the customer pays the invoice. Financed or not. Please advise. Many thanks Nici

Hello

The problem is this shows the invoice as part paid. Which makes the vat due. It is not due until client pays. Please advise. Thanks

Hello Nicola,

The alternative is to do the same as before but do it as a transfer to a bank account called Finance Company.

This will be a negative balance on this system bank account. This will show money from the finance company but it will not come in as VAT due.

When you have received the money from the customers, you will need to use the quick pay form on the bottom of each invoice and assign it to this Finance Company bank account.

This will put the VAT due.

For the financing fee that is charged, the situation will remain. You will need to go to payment options and then write it off to bank charges or financing charges account code.

Vanish.