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BCS Itera

Extensions for Microsoft Dynamics 365 Business Central

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Factoring Solution | User Manual

Factoring functionality enables to automate sales invoice transmissions to a factor and subsequently process factor payments incl. commissions and interests. Only factor Swedbank AS is supported.

Main features :

Field Description Editable / Informative
No. ** Number of factoring agreements Editable
Description Description of the factoring agreement Editable
Factoring Text on Invoice ** Assignment note Editable
Add Factoring Text on posting Function, that enables to add assignment note after sale invoice rows Editable
Limit: Limit of the factoring agreement Editable
No. of customers Number of customers linked with the factoring agreement Informative
Customers Limits Field displays total sum of the fields Factoring Limit from customer cards Informative
No. of Untrasmitted Invoices Numeral total of posted invoiced, that were not transmitted to factor Informative
Untrasmitted Invoices Amount Total sum of posted invoiced, that were not transmitted to factor Informative
No. of Open Entries Numeral total of posted sales invoices associated with factoring agreement Informative
Factoring Type Type of factoring agreement. Recourse and non-recourse factoring contracts are supported Editable
Factoring Vendor No. *** Assistive vendor. Short-term liability through Vendor entry is being created after receiving payments from factor Editable
Factoring Customer No. *** Assistive customer. Transmitted to factor sales invoices are transferred to this customer Editable
Commission G/L Account No. Account from the chart of accounts commission fees and VAT are being posted to Editable
Interest G/L Account No. Account from the chart of accounts interests are posted to Editable
Bank account Bank account No associated with this factoring agreement Editable
Transmissions Nos. Code of a number series from number series list, that is used while creating transmission lines Editable

** Mandatory field
* Page **Standard text codes allows to manage assignment notes text according to customer’s Country/Region code. This allows to add text in different languages.
** Factoring Customer No. is compulsory in case of recourse factoring agreement and Factoring Vendor No. is compulsory in case of non-recourse factoring agreement. Both can be defined, but appropriate one will be used depending on factoring agreement type.

Factoring Agreements

Page contains two buttons Create Transmission and Transmissions in menu section and table fields

Field Description
No. Factoring agreement’s number
Description Description of the factoring agreement
No. of Customers Numeral total of customers associated with this factoring agreement
No. of Untrasmitted Invoices Numeral total of posted invoices, that were not transmitted to factor
Untrasmitted invoices amount Total sum of posted invoices that were not transmitted to the factor
No.of open entries Number of transferred and unpaid invoices
Limit Displays the Limit fields value from factoring agreement card page

Factoring Transmissions page

Page displays transmissions to factor, it contains two action buttons Transfer to Journal and Export to File and table fields.

Factoring Transmissions page fields

Field Description
No. Number of transmission from number series
Transmission Date Data when transmission was created
No. of Invoice Number of transmitted invoices
Invoices Amount Sum of transmitted invoices
No.of open entries Number of unpaid invoices
No.of factoring agreement Factoring agreement number the invoices are associated with

Use

Here is an overview how cash receipt lines are created after XML file import.

Advanced payment receipt under non-recourse factoring agreement

Journal line Debit/Credit Description
Factoring Customer Credit Factoring Customer No. field value from Factoring agreement page
Bank Account Debit Bank account from Factoring agreement page
Commission Debit Commission G/L account No. field value from Factoring agreement page
Commission VAT Debit Commission G/L account No. field value from Factoring agreement page

Reserve payment receipt under non-recourse factoring agreement

Journal line Debit/Credit Description
Factoring Customer Credit Factoring Customer No. field value from Factoring agreement page
Bank account Debit Bank account from Factoring agreement page
Interest Debit Interest G/L account no. field value from Factoring agreement page

Advanced payment receipt under recourse factoring agreement

Journal line Debit/Credit Description
Factoring Vendor Entry Credit Factoring Vendor from Factoring agreement page
Bank Account Debit Bank account from Factoring agreement page
Commission Debit Commission G/L Account No. field value from Factoring agreement page
Commission VAT Debit Commission G/L Account No. field value from Factoring agreement page

Reserve payment receipt under recourse factoring agreement

Journal line Debit/Credit Description
Factoring Vendor Entry Debit Factoring Vendor from Factoring agreement page
Bank Account Debit Bank account from Factoring agreement page
Interest Debit Interest G/L from Factoring agreement page
Transferred invoice Credit Total of transferred invoice under recourse contract*

*NB! After reserve payment is received, Factoring Vendor Entries are applied to Transferred invoice, thus remaining amount of short-term liability and receivable equals to zero.


For more information, please contact:
https://www.itera.ee