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.
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 option in the Factoring Code field on the Factoring Record screen is clicked. |
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Description |
This is the field where the description information of the factoring contract is entered. |
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Aux. Code |
Used to enter the auxiliary code of the factoring definition if any. |
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Auth. Code |
Used to enter authorization code to apply authority restriction to the factoring definition. |
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Start and End Date |
The start and end dates of the contract are entered in this field. Start Date is mandatory. |
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Organizational Unit |
The organizational unit to which the contract belongs is selected. It is required to enter information in the Organizational Unit field. |
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Department |
The department to which the contract belongs is written here. |
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Factoring Information |
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Factoring Type |
The type of factoring contract is specified. The Recourse and Non-recourse options are displayed. The Recourse option is displayed as default. |
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Interest % |
The interest rate is written as a percentage. |
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BITT % |
The BITT rate is written as a percentage. |
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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. |
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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". |
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Account Information |
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Bank Account |
This field specifies the account which the payments will be made through. When the |
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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 option is clicked. The related AR/AP record is selected. AR/AP Code is mandatory. |