Hi All,
The company I work for recently started factoring invoices.
Some of our customers have sent us payments that need to be forwarded.
What is the best way to record these entries? I can deposit to and transfer from undeposited funds but I would like to keep a better papertrail. Would you suggest setting up an A/P subaccount? When the funds are received I could credit the sub and debit once we forward payment to factoring company.
Thanks,
Shawn
The company I work for recently started factoring invoices.
Some of our customers have sent us payments that need to be forwarded.
What is the best way to record these entries? I can deposit to and transfer from undeposited funds but I would like to keep a better papertrail. Would you suggest setting up an A/P subaccount? When the funds are received I could credit the sub and debit once we forward payment to factoring company.
Thanks,
Shawn