Getting Started with Factoring

Factoring is the process by which a company sells its invoices to a company specialising in collecting receivables. In order to use the factoring feature, you must have entered into an agreement with a factoring company and defined the relevant settings in your Mamut system.

How to get started with factoring

Create a folder on your computer for storing your factoring files. For example, you can name the folder after your factoring company. Remember where you have created the folder.
Activate the factoring functionality by clicking View - Settings - Accounting - Customer & Supplier Ledger and selecting the option Company exports invoices to factoring company.
Click the Settings button next to the check box and define the settings for the factoring company. Find out more in Settings for Factoring.
Enter the address of the factoring company in the company settings: Click View - Settings - Company. Select Other from the drop-down list and click the Address button to enter the address. Contact your factoring partner if you are unsure about the correct address.
Set up the system so that new customers will have Factoring as their reminder setting. Go to View - Settings - Company - Settings per Module - Contact Management. Select Factoring from the Reminder drop-down list.
Set all your existing customers to Factoring as their default reminder. Go to View - Contacts - Contact Management and open the Settings tab. Click on the Customer button and in the window that opens, select Factoring from the Reminder drop-down list.
Tip! When it is necessary to update a large number of contacts, you can make use of the Change Values for a Selection of Contacts function under View - Contacts. Find out more in The Contact Filter Wizard.

Unprocessed orders: If you have created orders that have not yet been invoiced, you may want to change the Factoring field under the Miscellaneous tab to Yes, before invoicing these.

The system is now ready to generate factoring files. Find out how to do this in Generating Factoring Files.