Factor Receivables Entry

Menu Path: Accounts Receivable $Images\bluerarw.gif$ Customer Payments $Images\bluerarw.gif$ Factor Receivables Entry

Purpose

Enter transactions associated with working with a factor.

Overview

Use Factor Receivables Entry to transfer invoices to the factor (to go on the factor’s books as valid open receivables).

You can also use Factor Receivables Entry to create chargebacks. When the factoring company receives payments from customers where deductions have been made, these deductions must be recorded on the factoring company/billing customer’s account for subsequent resolution.

Ribbon Home Tab Buttons

Button	Description
Exit	Click this button to close the Factor Receivables Entry window.
Export	Click this button to display A/R Factor Export, which allows you to export the transactions being transferred in the format associated with the program entered in the Export field. You can then select an export location and file name and view the file after the export is completed. For information on setting up programs, see Deposit and Payment Import Maintenance.
Notes	Click this button to display Notes Entry, which allows you to enter notes for a selected transaction.
Amount Lookup	Click this button to display A/R Amount Lookup, which allows you to find accounts receivable transactions of a specific amount. This is useful if it is difficult to determine who the customer is on a payment (for example, the name on the check is a dba name), and there is no payment stub identifying reference numbers and corresponding amounts. If a payment is intended to pay for a single invoice, A/R Amount Lookup allows you to enter an amount and view all reference numbers with that amount, to help you determine the correct customer for the payment.
Bank Account Lookup	Click this button to display Customer Bank Account Maintenance, which allows you to view or maintain bank account information for the selected transaction.

Ribbon Batch Tab Buttons

Button	Description
Select	Click this button to display Select a New Batch, which allows you to select a previously created batch.
Open	Click this button to display Open a New Batch, which allows you to create a new batch.
Close	Click this button to display Close A Batch, which allows you to close a batch.
Edit	Click this button to display Edit A Batch, which allows you to edit an existing batch.
Post	Click this button to display Accounts Receivable Post, which allows you to post payments for the selected batch.

Main Tab Fields and Buttons

Field or Button	Description
Batch #	This field displays the open batch if one is open. You can use the Select, Open, Edit, and Close buttons in the ribbon to work with batches. Note The batch numbering sequence is shared by Deposit Entry, Non Sufficient Funds Reverse Deposit Entry, and Factor Receivables Entry, but you must use a separate batch for each type of entry. If you attempt to use the same batch number for both programs, a warning message appears, and you must select a different batch number.
Description	This field displays the description of the batch.
Count	The field displays the number of transactions in the batch.
Total	This field displays the total amount of transactions in a batch, in the currency selected.
Currency	Enter the currency of the transaction, or click the Lookup button to select the currency. The currency defaults to the general ledger currency. Note A batch can only have one currency. After you enter a transaction for this batch, you cannot change the currency.
Factor Account	Enter the factor general ledger account that was set up specifically for the factoring company to which you are transferring transactions.
Exchange Rate	Enter the currency exchange rate. If the currency selected is the general ledger currency, this is equal to 1.
Period	Click the Lookup buttons to select the period and year for the transaction. These fields default to the default accounts receivable general ledger period.
Transfer Date	Enter the date for the transaction, or click the drop-down arrow to select the date. This defaults to the current date.
Export	Enter the program to use that builds the export data file in the format required by the factoring company, or click the Lookup button to select the program. For information on setting up programs, see Deposit and Payment Import Maintenance.
Type	Select the transaction type. You can select one of the following types: Transfer - Select this option when transferring transactions to the factoring company. Chargebacks - Select this option when entering customer chargebacks.
Transfer ID	Enter an identifying transfer ID. Example 2020-11-10 Transfer This field is only available if you select the Transfer radio button.
Chargeback ID	Enter an identifying chargeback ID. Example 2020-11-10 Chargebacks This field is only available if you select the Chargebacks radio button.
Factor ID	Enter the customer code of the factoring company, or click the Lookup button to select the customer code. Note This must be a customer with a type of Paying Customer Only.
Name	Enter the customer name of the factoring company, or click the Lookup button to select the customer name. Note This must be a customer with a type of Paying Customer Only.
Method	This field displays Factor as the payment method.
Date	Enter the payment date you want indicated on the transaction marked as paid and transferred to the factoring company, or click the drop-down arrow to select a date. This defaults from the transfer date.
Add	Click this button to add the transaction. If you are entering a transfer type transaction, Factor Transfer Transaction Selection appears, and allows you to select transactions to transfer. If you are entering a chargeback type transaction, Chargeback Entry appears, and allows you to enter chargeback detail information.
Clear	Click this button to clear the current transaction information.
Remove	Click this button to delete the selected transaction. You can only delete a transaction if items have not been applied to it.
Sort	Click the Lookup button to select a method for sorting transactions in the Transactions grid.
View Applied Items	Click this button to display A/R Factor Inquiry for a selected transfer type transaction or Chargeback Entry for a selected chargeback type transaction in the Transactions grid. You can only use this button after you select a transaction in the Transactions grid.
Select	Click this button to display Factor Transfer Transaction Selection, which allows you to select transactions to transfer. You can only use this button if you select a chargeback type transaction in the Transactions grid.
Enter	Click this button to display Chargeback Entry, which allows you to enter a chargeback. This button is only available if you select a chargeback type transaction in the Transactions grid.
Transactions	This grid displays transactions entered in the current batch. The Amount column is automatically populated based on the transactions selected for transfer or the chargeback amount. Note For chargeback type transactions, this will be a negative amount.