Settings for Factoring

View - Settings - Accounting - Customer & Supplier Ledger

If you have chosen to have a Factoring company handle your customer payments, you need to specify a factoring format and make the necessary settings for factoring in the program.

Note! You can find the settings under View - Settings - Accounting - Customer & Supplier Ledger. Alternatively, you can access these settings by going to View - Settings - Company - Settings per Module - Sales and Invoicing. Select the Other tab and click on the Factoring button.

You can adjust the following settings

File format for export of factoring file: You can select your desired file format from the available options in the drop-down list.

Bank account no.: Select an account from the drop-down list or create a new one. More information on how to fill out the various fields can be found in Account Information.

Automatically move account receivable to factoring company: Check this box if you would like to close your outstanding customer payments in the Customer Ledger when the claims are being transferred to the factoring company. The items will then be transferred as open items to the factoring company.

To be able to transfer the open items to the factoring company, you need to have registered it as a customer in your contact register.

Note! The setting does not work retroactively on existing items.

Export credit notes: Tick this box to be able to transfer credit notes.

Invoice text: If you would like to have a fixed text appear on all of your invoices sent to factoring, enter it in this field. The text is also included in those file formats, which require the inclusion of invoice text. Factoring companies often propose a special wording for this field.

Factoring Company information

You will receive the information you need to register here from your factoring company.

Name of factoring company: Enter the name of your appointed factoring company here.

Customer number with factoring company: Register the customer number your factoring company has assigned you here. Please note that the customer number needs to be added in order to be able to use certain factoring formats.

Contact Person: Enter the name of the person at the factoring company your customer should be dealing with.

Contract no.: Register the number/reference code of your contract with the factoring company here.

Our contact: Enter the name of the person who is the contact for your company.

Folder for export file: Select the folder you want to export factoring files to. You create this folder on your PC yourself.

Email1: Enter the e-mail address for your factoring company here. This e-mail address will be entered automatically in the e-mail when generating factoring files.

Edit e-mail templates for: By clicking on the Factoring button, an e-mail template, which you can edit to fit your specific requirements.

Notes: Use this field to record your own notes concerning the factoring company. These notes will not show on printouts. However, certain factoring formats use this field so that this information will be included when the file is sent to the factoring company.

Restore file from directory

Click this button if you would like to restore an earlier factoring file.

Select the file in the list and click the Export button to restore the file. Choose where to save the file.