Assign
The Assign transaction in the Factoring Records is activated only for the Factoring Records in Approved status. It is required that the Payment and Collection Transactions should selected and recorded in the factoring record; and then the status of this record should be updated as Approved by the Update Status (F9 – right click menu) option.
When F9- Assign is clicked in the approved factoring record, the AR/AP types window, where only the collection type is displayed, is opened.The AR/AP Slip form is displayed in Collection Type after selecting the type.
The date in the generated AR/AP slip is the start date of the assignment. The units selected in the factoring record is displayed as default in the Organizational Unit and Department.
The main account in the slip lines is the AR/AP of the factoring record; the transaction type is "General (Cash)".
The value in the Credit Amount column is the assignment amount. The type of the corresponding account is AR/AP; the corresponding account is AR/AP (factoring) card.
When the collection slip is recorded, the Payment/Collection Transactions of the factoring record is closed with this slip.
Undo Assignment
The Undo Prepayment Collection option in the F9 (right click) menu of the Factoring Records list is activated only for the assigned records.
The program displays the "The Assign transaction will be undone. The generated AR/AP slip will be deleted. Do you want to continue?" message on the screen by the Undo Assignment transaction that is performed to undo assignment transaction. If the "Yes" option is selected, the AR/AP slip generated by the "Assign" transaction will be deleted and the status of the factoring record in "Assigned" status will be updated as "Approved". If the "No" option is selected, no transaction will be performed.
Make Prepayment Collection
The status of the factoring record should be "Assigned" to make prepayment collection of the Factoring Record.
When the Make Prepayment Collection option in F9 (right click) menu of the Factoring Records is clicked, the Bank Slip Type window, where only the Daily/Journal type is displayed, is opened.
The date in the generated bank slip is the start date of the prepayment collection. The units selected in the factoring record is displayed as default in the Organizational Unit and Department.
The main account in the slip lines is the Bank Account in AR/AP type selected in the factoring card. The transaction type is "General (Cash)". The value in the Debt Amount is Prepayment Amount (Commission + Commission BITT). The type of the corresponding account is AR/AP; the corresponding account is AR/AP (factoring) card.
When the bank slip is recorded, a Service Purchased Invoice is generated.
The service cards selected in the "Commission Service Card To Be Used in Factoring Invoice" and "Commission BITT Service Card To Be Used in Factoring Invoice" parameters under the System Settings > Defaults and Parameters > Finance Management > Defaults > Factoring Transactions are transferred to the "Code/Description" fields in the "Service Purchased Invoice" generated by the "Make Prepayment Collection" transaction accessed through Finance > Transactions > Factoring Records list. If the default service card is not selected in these default lines, the user is warned by the "You must specify the Commission Service Card/Commission BITT Service Card to be used in the factoring invoice." message when clicking the "Make Prepayment Collection" transaction.
No Service Purchased Invoice can be generated for the records belonging to the factoring definitions without the "Commission %" value. The service purchased invoice is recorded as Approved and the status cannot be updated; the invoice cannot be deleted and edited.
Undo Prepayment Collection
The Undo Prepayment Collection option in the F9 (right click) menu of the Factoring Records list is activated only for the records in "Prepaid" status.
The program displays the "The Prepayment Collection transaction will be undone. The generated bank slip and service purchased invoice will be deleted. Do you want to continue?" message on the screen by the Undo Prepayment Collection transaction that is performed to undo prepayment collection transaction. If the "Yes" option is selected, the bank slips and service purchased invoice generated by the "Make Prepayment Collection" transaction will be deleted and the status of the factoring record will be updated as "Assigned". If the "No" option is selected, no transaction will be performed.