Processing Factored invoices by “payng off” the invoice when it is posted.
Factored invoices will always have a balance due of 0.00
1. Set up an asset ledger account, “Owed from Factor”, (eg. 1220)
As an alternative, you can set this up as a liablilty, 2000 account, will also work. Personal preference.
2. Maintenance > Preferences > Invoices
Preference #15,
Automatic Payment of Factored Invoices when this field
is filled in with a valid Ledger Account number.
Enter the ledger account you want to use.
3. Test this by posting a factored invoice, then clicking the TRX button on the invoice window.
Examine the last transaction set in the list.
Last revised: 6/16/11 by AG