Factoring
Question asked by Paul Walpole 9 years ago
Hi
How do you express using a factoring on your invoices?
Regards
Paul
Hi Paul,
The best thing to do is to create a dummy bank account on the system called "Factoring" or similar. You can then pay invoices which are being factored from that account.
When the payment from the factoring company comes in (for example on your bank statement) you should then explain it as a transfer to the Factoring bank account.
I hope this helps.
All the best. Richard
Best answer
Hi Paul
To add to what Richard said, if you want to make reference to the pay details of the factoring company on your invoices, then, when setting up the account (per Richard), as well as stating the account sort & account number, make reference to the company to pay cheques to and their address.
Then make sure that, in the Invoice Theme>Preferences page, select the Factoring Company from the drop down list in "Default payment details" and this will ensure that the Factoring company is offered as the default bank account on all the invoices sent out.
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