That is what charges are for! On the advance, just click on the Charges tab, then select ‘Add’ and put the charge in! You can also create recurring charges on the client screen that will automatically get added to each…
Can the factoring fee be expressed as a daily rate? Also we calculate interest using 365 days vs. 360 days. We are looking for a 60% return, we divide 60/365 = daily factoring fee of 0.1643835 which we would normally round up to 0.165.
Yes, our software will handle that, in fact it is setup to work that way. To see the Fee structures, go to Tables/Setup, then Terms. You can create as many types of terms as you need, then you assign them…
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Does your system allow accounting for commissions paid to introducing brokers both initial and ongoing trail commissions and also is there accounting for investors – on one $20,000 invoice purchase there might be $15,000 from one of our investors and $5000 from another?
Yes, we have features for both. The investors are called Co-Factors – add them under Tables/Setup. The Broker features allow a commission on: invoices purchased advances made fees earned
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Our Factoring Fee is broken down into: Factoring Administration Fee of 2% of the Face Value plus an interest rate of say 19% per annum, charged daily on the balance drawndown (The client usually elects when they want to draw down) Can your system cope with that sort of approach?
No problem on the first fee, we call that a transaction fee. (Normally collected up front when you purchase the invoice.) The interest can be set up on the Terms & Credit tab of the Client Entry screen.
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When we make an advance we deduct an upfront documentation fee. How do we get the system to recognize this and at what stage do we enter this fee?
This fee can be deducted at the time of the advance. You would enter it as an “Other Charge.” You can setup auto charges that will be added to a client’s advance automatically. This can be entered on the client…
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When we are making an advance against an invoice, how can we deduct a ‘one-off’ fee from the proceeds?
That is what charges are for! On the advance, just click on the Charges tab, then select ‘Add’ and put the charge in! You can also create recurring charges on the client screen that will automatically get added to each…
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