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Factoring

Posted by nadia_a PM | on Sat, 31/03/2012 - 17:39  960  9 comments | report

Hi,

 

Please can somebody guide me with the following factoring issue.

 

1. Note that customer invoices have been loaded into Sage following the normal process

2. However, the outstanding debt from the above customers has now been sold off to a third party debt collecting agency

Please can you guide me with how to account for the factoring issue in Sage so that:

- the customer accounts are no longer showing an outstanding debt

- how to account for the admin charge bu the factoring company

- how is the bank affected?

Your help will be much appreciated

KR

 

 

Comments
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Create a new 'sage' bank account.

tom123 | Sat, 31/03/2012 - 18:12

Thanks Tom

nadia_a | Sat, 31/03/2012 - 18:24

That seems fine.

tom123 | Sat, 31/03/2012 - 18:48

Thanks very much Tom - very

nadia_a | Sat, 31/03/2012 - 18:51

All seems overly complicated

ChrisScullard | Sat, 31/03/2012 - 22:24
ChrisScullard's picture

Agree with Tom

Kent accountant | Sat, 31/03/2012 - 22:55
Kent accountant's picture

what happens at year end

nadia_a | Mon, 02/04/2012 - 08:39

Year End

Kent accountant | Mon, 02/04/2012 - 13:27
Kent accountant's picture

Now hang on

Chris Smail | Mon, 02/04/2012 - 14:06
Chris Smail's picture