The Factoring Record opens through the New option in the Factoring Records window. The transactions of the contracts accessed through the list of factoring definitions are recorded through this screen.

No

The number of the factoring record is entered here. It is required to enter information here.

Date

The date when the factoring record is entered is entered here. The date entered in the Date field must be earlier than the payment date of the payment and collection transaction selected by Invoice Payment Transactions Transfer.

If the payment date of the invoices transferred from the Payment and Collection Transactions screen accessed through Invoice Payment Transactions Transfer is earlier than the date entered in this field later; the user is warned about that there are some invoices that are old-dated than the specified date and the transactions will be deleted.

Description

The description of the factoring record is entered here.

Aux. Code

The auxiliary code of the factoring record is entered here if any.

Auth. Code

The authorization code is entered to apply authority restriction to the factoring record.

Organizational Unit

The organizational unit that is selected in the factoring definition is displayed automatically. It is required to enter information in the Organizational Unit field.

Department

The department selected in the factoring information is written here.

Factoring Code

This is the field where the factoring contract definition specified through the Factoring Definitions screen is selected. It is mandatory. The Invoice Payment Transactions Transfer option in the right click menu or the Transaction menu is activated after the Factoring Code is specified.

Only the factoring definitions of which end date is later than the generation date of the factoring record are displayed in the Factoring Definitions opened by the option.

Invoice Information

The Invoice Information field specifies the Payment and Collection transactions selected by the Invoice Payment Transactions Transfer option. The amount columns are calculated by the rates in the factoring definition selected in the Factoring Code field. Only "Assignment Amount" can be edited.

Invoice No

It is the number of the invoice to which the payment and collection transaction is related.

P/C Transaction No

It specifies the order number of the payment and collection transactions.

AR/AP Code

It specifies the AR/AP code of the related invoice.

AR/AP Title

It specifies the AR/AP title of the related invoice.

TC

It specifies the value of the invoice in transaction currency.

Amount

It specifies the net value of the invoice payment and collection transaction.

Assignment Amount

The factoring (assignment) amount is specified here.

Prepayment Amount

The prepayment amount is specified here. Prepayment amount is calculated by multiplying the assignment amount by the prepayment rate (%).

Commission Amount

The commission amount is specified here. Commission amount is calculated by multiplying the assignment amount by the commission rate (%).

Commission BITT Amount

The commission BITT amount is specified here. Commission BITT amount is calculated by multiplying the BITT rate (%) by the commission amount.

Interest BITT Amount

The interest amount is specified here. The interest amount is calculated as below:
(Prepayment Amount – Commission Amount - BITT (Commission)) * Interest % * Due Date / 360

Expiry Date

The expiry date is specified here. The expiry date is specified as below:
(Payment/Collection Transaction Payment Date) – (Factoring Record Date) + 1

Interest BITT Amount

The interest BITT amount is specified here. It is specified as below:
Interest Amount * BITT %

Payment Date

The payment date of payment and collection transaction is specified here.

Totals

The totals of the columns belonging to the transactions in Invoice Information are displayed in the related fields.
Total credit amount (receivables from factoring company) is calculated as below:
Total Assignment Amount – Total Commission Amount – Total Interest Amount – Total BITT Amount