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The Factoring Definition window is the screen where the information about the factoring contract is entered. It opens via the Add option in the Factoring Definitions list.

Image Removed

Code

This is the field where the code information of the factoring contract is entered. It is mandatory. The Factoring Code field in the Factoring Record form accessed through Finance> Transactions>Factoring Records option corresponds to the code information entered in this field. The list of Factoring Definitions is opened when the Image Modified option in the Factoring Code field on the Factoring Record screen is clicked.

Description

This is the field where the description information of the factoring contract is entered.

Aux. Code

Used to enter the auxiliary code of the factoring definition if any.

Auth. Code

Used to enter authorization code to apply authority restriction to the factoring definition.

Start and End Date

The start and end dates of the contract are entered in this field. Start Date is mandatory.
The date information entered in the Factoring Record form accessed through Finance> Transactions >Factoring Records option must be in the date range specified in the factoring definition. Otherwise, the program will not allow the Factoring Record to be recorded.

Organizational Unit

The organizational unit to which the contract belongs is selected. It is required to enter information in the Organizational Unit field.

Department

The department to which the contract belongs is written here.

Factoring

Information

Info



Factoring Type

The type of factoring contract is specified. The Recourse and Non-recourse options are displayed. The Recourse option is displayed as default.

Interest %

The interest rate is written as a percentage.

BITT %

The BITT rate is written as a percentage.

Commission %

The commission rate is written as a percentage. The amount to be paid to the factoring company cannot exceed the amount to be paid by the factoring company. Otherwise, the application gives the "Commission + Commission BITT Rate must be less than Prepayment Rate." warning.

The Service Purchases Invoice will not open the Buyer Service Fee when the "Make Prepayment" option is clicked on the Finance>Transactions>Factoring Records list for the records of the factoring definitions for which no commission % value is specified.

Prepayment %

The prepayment rate to be applied to the contract is written as a percentage. The information is mandatory in the Prepayment field and this value is not allowed to be "0".

Account

Information

Info



Bank Account

This field specifies the account which the payments will be made through. When the Image Modified option is clicked, only the AR/AP (CAC) are displayed. Bank Account is mandatory.

AR/AP Code

This is the field where the factoring AR/AP is specified. The AR/AP cards where the "Assignable" option is not checked in the AR/AP card title are displayed when the Image Modified option is clicked. The related AR/AP record is selected. AR/AP Code is mandatory.