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