Factoring Management
Gap computation between your bank statement lines and your closing balance | Additional menus under Bank & Cash Statements
Factoring Management
Gap computation between your bank statement lines and your closing balance | Additional menus under Bank & Cash Statements
STORY BEHIND THE FEATURES
ODOO BEHAVIOR
Odoo provides various payment methods, but it lacks a specific flow for handling factoring payments, which are essential for businesses that sell receivables to third parties for immediate cash
CLUEDOO BEHAVIOR
Cluedoo addresses this gap with a module that streamlines factoring payments in Odoo. This module ensures a smooth process from payment registration to journal entry creation, capturing all necessary details and minimizing errors in financial records.
MODULE +
When registering a payment in a customer invoice, users can select the factoring method in the payment pop-up, which displays editable fields for the factoring partner, fees, and factoring number. The module then creates journal entries: debiting the factoring partner's account and the expense fee account, and crediting the client's accounts receivable. This marks the invoice as fully paid and transfers the receivable to the factoring partner, ensuring accurate financial records.
CLUEDOO RECOMMENDATION
This module is recommended for companies working with third parties on invoicing and payments, as it enhances accuracy and efficiency in managing factoring transactions.
OUR FEATURES AS SOLUTIONS
Streamline factoring payments
HOW TO USE THIS MODULE
1.
To create a payment method Factoring management, go to Accounting -> Configuration -> Account Payment Method.
Fill in the details.
2.
Make sure to add the the payment method into the "Bank Provision" journal for auto generated journal entries for factored receivables.
3.
Register a payment to an invoice and specify the Journal to be "Bank Provision" and Payment Method (i.e: Factoring Payment Method).
The "Factoring Partner" and "Fees" field will be auto-generated to the configuration of Payment method.
4.
After registering the payment, the invoice will be updated as "Paid" immediately.
Two journal entries will be generated, i.e:
- "Provi/2024/00022 is to record the payment of customer to "Account Receivable" account.
- "Provi/2024/00023" to record the transaction of moving the "Account Receivable" amount to Factoring partner. The fee of 20$ is also recorded to "999 Factoring expense", which was designated in Payment method.
5.
All payments with Factoring payment method will be recorded in the "Factoring Management" menu in Accounting.
