The Factoring Transactions screen is accessed by the Factoring Transactions option in the Attached Records menu in the Factoring Records list. The Factoring Transactions window is the same as the Invoice Information field in the Factoring Record form. The Factoring Transactions option is activated only for the factoring records in "Prepaid" and "Closed" status. Otherwise, it cannot be accessed. The expiry date and recourse transactions are performed for the factoring record for which the payment/collection (invoice) transactions are selected, the assignment and prepayment collection is performed.
Expiry Date Transaction
The Daily/Journal type of bank slip is generated when the Expiry Date option is selected through the right click menu of the transaction displayed on the Factoring Transactions screen. The date in the bank slip is the same as the date when the expiry date transaction is started. The units selected in the factoring record is displayed as default in Organizational Unit and Department fields.
The lines of the bank slip generated by the expiry date transaction are generated as below:
Main Account | Transaction Type | Debt | Credit | Corresponding Account Type | Corresponding Account |
|---|---|---|---|---|---|
"Bank Account (CAC)" (Factoring Card) | General (Cash) | Remaining Amount | - | AR/AP | AR/AP (Factoring) |
"Bank Account (CAC)" (Factoring Card) | General (Cash) | - | Interest Amount | G/L Account | Finance Expenses* |
"Bank Account (CAC)" (Factoring Card) | General (Cash) | - | Interest BITT | G/L Account | BITT** |
: The G/L account code defined by the "(CAC) Bank Account > G/L Connection Codes > Finance Expenses" option is displayed as default.
(**) : The G/L account code defined by the "(CAC) Bank Account > G/L Connection Codes > BITT" option is displayed as default.
Undo Expiry Date Transaction
The Undo Expiry Date Transaction option in the F9 (right click) menu of the Factoring Transactions list is activated only for the transactions for which the Expiry Date transaction is performed.
The program displays the "The Expiry Date transaction will be undone. The generated bank slips will be deleted. Do you want to continue?" message on the screen by the Undo Expiry Date transaction that is performed to undo expiry date transaction. If the "Yes" option is selected, the bank slips generated by the "Expiry Date" transaction will be deleted and the status of the factoring record will be updated as "Waiting for Expiry Date". If the "No" option is selected, no transaction will be performed.
Assign
The Payment type of AR/AP slip is generated when the Recourse option is selected through the right click menu of the transaction in the Factoring Transactions screen. The date in AR/AP slip is the date when the Recourse transaction is started. The units selected in the factoring record is displayed as default in the Organizational Unit and Department fields.
The AR/AP Slip lines accessed by the Recourse transaction are generated as below:
Main Account | Transaction Type | Debt | Credit | Corresponding Account Type | Corresponding Account |
|---|---|---|---|---|---|
AR/AP of Factoring Record | General (Cash) | Assignment Amount | - | AR/AP | AR/AP (Factoring) |
When an AR/AP Slip is recorded, the payment/collection transactions closed by the "Assign" transaction is opened again. For this, a bank slip of which type is Daily/Journal is opened.
The lines of this bank slip are generated as below:
Main Account | Transaction Type | Debt | Credit | Corresponding Account Type | Corresponding Account |
|---|---|---|---|---|---|
"Bank Account(CAC)" (Factoring Card) | Money Order | - | Prepayment Amount | AR/AP | AR/AP (Factoring) |
"Bank Account(CAC)" (Factoring Card) | Interest Payment | - | Interest Amount | G/L Account | Finance Expenses* |
"Bank Account(CAC)" (Factoring Card) | BITT Payment | - | Interest BITT | G/L Account | BITT** |
: The G/L account code defined by the "(CAC) Bank Account > G/L Connection Codes > Finance Expenses" option is displayed as default.
(**) : The G/L account code defined by the "(CAC) Bank Account > G/L Connection Codes > BITT" option is displayed as default.
Undo Recourse
The Undo Recourse option in the F9 (right click) menu of the Factoring Transactions list is activated only for the transactions for which the Recourse transaction is performed.
The program displays the "The Recourse transaction will be undone. The generated AR/AP and bank slips will be deleted. Do you want to continue?" message on the screen by the Undo Recourse transaction that is performed to undo recourse. If the "Yes" option is selected, the AR/AP and bank slips generated by the "Recourse" transaction will be deleted and the status of the factoring record will be updated as "Waiting for Expiry Date". If the "No" option is selected, no transaction will be performed. The status of the Factoring Record is updated as "Closed" if the status of all records in the Factoring Transactions is "Completed" or "With Recourse".