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 set up your system for factoring

Create a folder on your computer for storing your factoring files in. For example, you can name the folder after your factoring company. Remember where you have created the folder.
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 and Supplier 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 about this here.

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.

Activate that you want to use factoring by going to View - Settings - Accounting - Customer & Supplier Ledger and ticking the box for Company exports invoices to factoring company.
Enter your settings for factoring and your factoring company. These are located under View - Settings - Accounting - Customer & Supplier Ledger. Find out more about the factoring settings in a separate sectionhere.

The system is now ready to generate factoring files. Find out how to do this here.