Currently, using factoring in ERPLY Books is supported in Nordea, Danske and Swedbank.
Factoring solution includes following necessities:
- Managing customers with whom factoring is used
- Choosing invoices you wish to factor
- Paying factored invoices in basic amount
- Paying residue of factored invoices
- Managing factoring account
Current specific solutions:
- Swedbank factoring bank report
- Nordea (EE) input file
- Nordea (FI) input file
- Danske input file
For every factoring transaction is reasonable to use separate factoring account. You choose this account when you mark invoices paid and also when this amount accumulates to bank. In this case its value increases (you have an account receivable to bank) when you mark invoices as paid. It decreases when bank transacts the money.
Which customers are factored?
If you are also ERPLY POS & Inventory customer and chosen in settings that you are using factoring, we will automatically synchronise respective ERPLY Books customers. For this you have to add condition to ERPLY settings ATTRIBUTE_PAYS_VIA_FACTORING.
If you wish to change these conditions you can do it also directly in ERPLY Books. For this search from dashboard ‘customer attributes’. There you can add/delete prefered customers. Condition to use factoring is ATTRIBUTE_PAYS_VIA_FACTORING.
Process of factoring
To factor invoices there are two possibilities.
- Go to ‘incomes’, ‘open receivables’ and select invoices you can factor. Given report includes all open receivables- regardless if customer will be factored or not.
- To only see invoices of customers that will be factored (and only these invoices that have not yet been factored) you have to go to dashboard and press “factoring” button. Button must be added by ERPLY Books support- respective enquiry must be submitted to firstname.lastname@example.org. Moving there all possible factorable invoices will be opened.
Do the following things:
- Select invoices you wish to factor;
- Press ‘more’ → ‘factoring’;
- ERPLY Books will download file you can upload to your bank;
- First go to bank and upload file there and after that we are sure, we can say in Books that invoices are sent to factoring;
- In ERPLY Books a window opened after downloading the file where you can confirm factoring in necessary amount;
- First confirm- it will confirm invoices and they are not shown in factoring anymore (to eliminate possibility of double sending to bank);
- After this you can mark invoices as paid, for you can also select per cent of marking as paid. After request to mark as paid, ERPLY Books will prepare chosen per cent of invoices and you can then confirm and save them. NB: Ensure that in bank import you have chosen payment account as factoring account!
How to add payments manually?
For that you have to go to ‘open receivables’ → tick invoice you wish to pay and from lower right select ‘add payment’, after this fill out the columns. For accounts you have to choose Factoring accumulation account.
What to do if my bank’s factoring solution is not supported?
If your bank’s factoring solution is not supported, You can still use it in ERPLY. Although, you have to manually send invoices to bank that need factoring.
Nevertheless we would recommend you to ask for price quote to introduce your bank. You can send request to email@example.com.
Does factoring account must have balance?
Factoring account has balance when bank has not fulfilled its obligations to You. But if there is no account receivable and there is different balance than 0 on accumulation account, error could be looked for in ledger. By using logic in range where balance was 0 and from where balance do not go to 0 anymore, must be an error.