We are planning to provide our clients with reports showing the state of their account as at the end of each month. What type of report would be most suitable for this?
You will have to use individual reports to show the various items you are looking for, there are many to choose from, see below:
Date and face value of each invoice, date due for each invoice
Almost all of our reports show invoice amounts, due dates, etc.
Date and amount of each advance made
Choose from one of the many Gross Purchases Reports for this info!
Date and amount of payments received
You can choose from one of the many Receipt reports for this info
Use one of the Aging reports with fees
There is a report called Rebate Analysis that shows this info!
In relation to clients being able to log in and generate reports, can you please describe what is possible? For example, would a client be able to generate an account statement for a particular period showing all transactions (i.e. advances, payment, funds available and the credit limit) for that period?
Our client portal allows your clients to log in and see current aging, receipts for any period of time, as well as settlements and rebates.
We are looking at creating a Web interface that sits over top of the WinFactor software that allows our customers to query information in regards to their account, select which invoices they would like to factor, view current invoices factored against and much more. Does WinFactor have an API or Web Services that will allow us to do this easily?
No, but we have other solutions that can serve the same purpose. Call us to find out more – 863-291-4268.
What options do we have to create a Web portal which interacts directly with the WinFactor software?
Our Cloud version has a client report portal built into it. There is no additional charge for this feature with WinFactor Cloud.
I would like to export an accounts receivable aging report to a diskette in an ASCII file format such .txt. How is the best way to facilitate this process?
Use the Export to Excel button adjacent to Preview, Print and Email. Excel will allow you to save it in any text format.
On the reserve analysis report what is the difference and definition of the Original Reserve and Current Reserve?
Original reserve is the reserve at the time of purchasing the invoice. Current reserve takes into account the fees that have accumulated against the reserve (if you are using a time based fee structure).
The ROI is annualized to account for the days out. As an example, say an invoice returned a 5% fee. (5% of the advance was earned as a fee) If that fee took 30 days to earn the ROI would be 5% * 365/30 = 60%. But if the fee took 60 days to be earned, the ROI would be 5% * 365/60 = 30%. Using this method the ROI takes into account both the fee earned as well as how long it took to be earned.
I ran Return on Investment and Rebates report for the same period of time. My totals in the “fees ” column do not match, why?
The ROI is calculated by taking the return (fees earned) and dividing them by the investment (Advance amount) and annualizing it. Since you can not divide a number by zero, invoices with zero advances (non factored invoices) can not be included on this report. You may have some non-factored invoices that you charged a fee on causing the difference.
Is there a way to print particular pages from multi-page reports instead of having to print the entire report? Customer Statements is one example.
Yes, preview the report, then hit Ctrl-P on your keyboard. A print dialog box will pop-up that will allow you to print select pages as well as specify the printer, number of copies, etc.
I am confused with the Hybrid (As of Date). When entering the to: Date I would expect the report to only calculate from the advance date to the to: Date, However, it calculates from the current date. What is the meaning of the to: Date if not to alter the calculation? The Hybrid (As of Date) is exactly like the Hybrid Bracket report.
The purpose of the Hybrid (As of Date) is to show what the Aging picture was at a point in time. When you enter an ‘As of Date’ it will show you only invoices advanced prior to that date and will reflect only receipts posted before that date. So the number you want to look at is the total outstanding dollars. As for the age of each invoice (which the report also shows,) it is calculated based on the current date. This is not a problem since the purpose of this report is to show the A/R dollars at a point in time, not the age of invoices at some prior point in time.
When I run an aging summary I come up with 41,619.92 for Client X, however if I run a single client aging for them with every invoice listed my total is 52,988.82. What could the problem be?
Partial payments are to blame here. The balances on the summary aging report include partial payments, but some of the detail aging reports do not. I suggest running the aging reports that say ‘with partial payments’ if you find yourself entering partial receipts to invoices. Run the report ‘Detail Listing, Sorted by Age with Partial Payments’ for Client X and you will see the difference.