Generating Factoring Files

View - Accounting - Factoring

Clicking on the Factoring button will start a wizard for the generation of factoring files. To be able to generate factoring files, you need to enter into an agreement with a factoring company and make your factory settings in Mamut. Read more in Settings for Factoring.

How to generate a factoring file

Go to View - Accounting - Factoring.
Create a filter to limit the number of claims that will be proposed for factoring.

You can set one or more of the following queries:

Type of contact: Select the required customer type.
Customer: Select the required customer.
Click on the Filter button if you would like to place a more advanced query.
Click Next to see which claims are being proposed based on your query. You also have the possibility to remove the mark from lines with claims that have been proposed. The claims you remove the mark from will not be included in the factoring file this time.
Click Next when you are happy with the proposed selection. This will open a preview of the factoring list report, which you can print by clicking on the Print report button.
Click Next. If you wish to edit the selection, click on Previous.
Select the folder where the factoring files should be placed.
Select the required file format for the factoring list if you wish to send a report to your factoring company together with the factoring files.
You can also deselect the option to e-mail a factoring file to your factoring partner. If you have entered your factoring partner's e-mail address in the company settings for factoring, this option will be selected automatically.
Click Next to generate the files.
Click Complete. All invoiced and credit notes in the selection will be marked for sending to factoring.

The invoices will remain open items in the Customer & Supplier Ledger.

Note! If you for some reason must resend a factoring file to your factoring partner, you must restore the file from the file directory. You cannot generate the file again since the ledger items have been transferred to the status Sent to factoring in the program. You can restore the files via the factoring settings. Read more in Settings for Factoring.

Payment receipts

Unless your factoring company sends you an electronic file, which you can import into your program, you will need to post incoming payments manually. You can either close all open items against an accumulative account for factoring and then post the total received from the factoring company against this account, or you can post the payments received from your factoring company one by one against the respective contacts. Since the factoring company deducts its fees and interest before sending you the received payments, these will be less than the amount outstanding in your books and you will need to post the difference to a cost account.

Contact your auditor/accountant for more information on which account/s you should be using.