We are justing starting a new business and will be using a factoring company to increase cash flow the first 6 months. The Factoring company charges 6% and gives us 80% of the invoice value when we submit. Once the verdor pays, we get the remaining 14%.
I have a FACTORING account set up in the COA. I have the customer/vendor created.
What reports would I use the verify we have allocated 100% of the invoice to ensure we have collected all money and paid the expense?
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