QB 2007 - How to account for Factoring Company cut?

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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Reply to
cable0
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Perhaps you and Jim Bo should get togeter and hire an accountant.

Reply to
Allan Martin

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