Financing Company

Using Simply Accounting Premium Version 2009. Working on inputting historical sales info. Some sales are put through an outside financing company in order for us to be paid. Amount paid fluctuates based on approval rate. Therefore, we may not always be paid the full amount that the customer has been invoiced for. EX. Customer's invoice states that their total due including taxes is $4476.75 and on that invoice method of payment is "financed". Upon approval, we were paid $4267.75 by the financing company. Not sure how we should go about inputting this information.

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     using a 'clearing bank', receive the invoice amount,  $4476.75, to the clearing bank

    create a 2-line sales invoice to the finance company

    line 1, full amount, acct = clearing bank

    line 2, -fee, acct = some commission expense acct

    paid by cash, deposited into the real bank

Reply
  • 0

     using a 'clearing bank', receive the invoice amount,  $4476.75, to the clearing bank

    create a 2-line sales invoice to the finance company

    line 1, full amount, acct = clearing bank

    line 2, -fee, acct = some commission expense acct

    paid by cash, deposited into the real bank

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