Hi,
we have just signed up for invoice financing whereby the bank will pay us
85% of the invoice value up front and the other 15% when the customer pays. The bank will charge us a fixed monthly amount for this.Any tips as to the best way to set this up in QB Pro 2002?
Thanks
Personally, I would enter the invoice as a normal invoice, when the 85% is paid, enter it as a partial payment, when the final 15% arrives, enter it as a final payment and the invoice will close. The bank fees can be entered as bank charges or set up a separate account for Factoring charges (In Canada, invoice financing is called Factoring.) so that you can track what this service is costing you.
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