I work for a company that factors their accounts receivables. Simple right? Wrong.....does anyone know how I would handle the accounts and QB entries for the following example
Billed for $1000
they paid $960 the 4% deduction was a factoring fee. I would make the adjustment on the invoice and code the 4% fee as an expense. Easy....here is the hard part.
Sometime later on another invoice they deduct $100 from the current deposit on that same old paid invoice because the company shorted them. How in the world do I make this happen and make all of the accounts happy. They are shorting current deposits and not removing cash from the account.
Thanks
Billed for $1000
they paid $960 the 4% deduction was a factoring fee. I would make the adjustment on the invoice and code the 4% fee as an expense. Easy....here is the hard part.
Sometime later on another invoice they deduct $100 from the current deposit on that same old paid invoice because the company shorted them. How in the world do I make this happen and make all of the accounts happy. They are shorting current deposits and not removing cash from the account.
Thanks
