Dealing with Invoice Financing

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
Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload

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.
Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload

BeanSmart.com is a site by and for consumers of financial services and advice. We are not affiliated with any of the banks, financial services or software manufacturers discussed here. All logos and trade names are the property of their respective owners.

Tax and financial advice you come across on this site is freely given by your peers and professionals on their own time and out of the kindness of their hearts. We can guarantee neither accuracy of such advice nor its applicability for your situation. Simply put, you are fully responsible for the results of using information from this site in real life situations.