Dear Experts,
I am trying to set up a factoring scenario in SAP Business ByDesign. I was able to manage the first two and the last journal entries below via. customer invoice & bank payment advice. I am stuck with reclassifying standard accounts receivable to Factoring Receivable & then clearing the same at the time of collection from the customer.
Is there any workaround for Receivables Factoring? We are not considering the add-on at the moment. Please see below the expected entries to be posted.
Transaction Particulars:
Customer Invoice Posting
Accounts Receivable A/c
To Sales A/c
Inflow of Cash from Bank
Bank A/c
To Borrowings A/c
Reclassification of Receivables
Factoring Receivable A/c
To Accounts Receivable A/c
Collection from Customer
Bank A/c
To Factoring Receivable A/c
Repay to Bank
Borrowings A/c
To Bank A/c
Also, would like to have reports, where we can see what invoices were sent for factoring.
Regards,
Kshama