In the Receipt Entry screen, the system assumes that the payment is made by check and requires that a check number is entered. How do we enter a payment that is made by direct transfer into our account?
Most of our users will put the direct transfer reference number in place of the check number. You can also use the receipt notes for this info.
Can the system differentiate between payments made by check (requiring 3 days clearance) and the payments made by direct electronic transfer?
No, you will need to manually enter in the date you want to be used for fee calculations (under post date.)
How can we use money due a client from new Advances to pay old invoices that are due to be charged back? Said a different way, how can we replace a bad invoice with a new(good) invoice?
Process the new advance like you normally would. But do not actually create an advance check, instead think of it as creating an imaginary check. Then go to receipts and post this imaginary check against the invoices that are bad. You can then settle the bad invoices normally. Everything will balance out since the cash out (advance) and cash in (receipt) will be the same.
You can make notes on both the advance and receipt screens to indicate what you did for future reference.
Go to “Settle Invoices.” Normally the invoices listed on this screen are ones that have been paid. But, you can add other invoices that have not be paid by clicking on the “Insert Invoice” button. WinFactor will calculate the fee to date, add it to the advance amount and post a negative net rebate for that amount. If you settle this invoice with several others that have a positive rebate, the negative rebate for the one invoice will be balanced by the positive rebates for the others. If you prefer, you can even settle the invoices when the total net rebate is negative. This will simply reduce the client’s rebate account by the total net rebate. Printing out the Settlement Statement will help to visualize this process.
An additional feature of WinFactor is “Auto Recourse.” Under Tables/Setup, Terms you can select the number of days you want to hold an invoice before you sell it back to the client. After that time has passed, the invoice will automatically appear under “Settle Invoices” to remind you to sell the invoice back to the client.
In addition, if you export transactions to QuickBooks, you will want to adjust the entry that goes to QuickBooks for the negative rebate check. By default the entry will come in as a negative check, you will want to delete the check and change the transaction to Debit a contra revenue account (like Fees) and Credit the Payback liability account.
It depends on weather or not you expect any more payments to come in on that invoice.
1) If you believe more payments are coming, just post the partial payment and do not mark the invoice as ‘Paid’. Then you can post more payments to that invoice and the invoice will remain on the aging reports.
2) If the partial payment is all that you are going to receive, simply mark the invoice as paid. When you settle the invoice, WinFactor will back out the unpaid balance from the rebate due for that invoice.
If I have previously advanced a customer at 80% and I now want to begin advancing them 85%, can I change the advance amount in their setup or will it alter what has already been entered?
Go ahead and change the amount in their profile. It will not affect advances you have already entered, just new ones. Also, you can even change the advance amount on an individual advance or even a single invoice by overriding the default amount.
Yes, double click on the amount applied field and WinFactor will fill in the outstanding balance of the invoice and mark it as paid.
This is called a non-factored invoice. While entering the receipt, you will notice an invoice number of the voucher that does not exist in WinFactor. From the receipt detail screen, click on the Add button, select the terms, invoice number and amount and any transaction fee that may apply. If you do not have a set of terms called “No Fee,” you may want to setup a set of terms that charges no fee (this is done under Tables/Setup, Terms.) This will enter the invoice into the system without any advance. You can receive the full payment against it and WinFactor will rebate the full amount of the payment to your client during the settlement step. If it is your policy to charge a transaction fee for handling the check, key in the amount you want to charge in the Transaction Fee box. As an alternative, you can enter the invoice under advances and simply put zero as the advance amount. Be sure to consider what fee schedule you attach to this advance. Some companies charge regular fees and some do not. Either way, you can configure WinFactor to work they way your company does.
I want to show all activity for a single client: assignments (advances), settlements, invoices outstanding and everything else that went on with that client for a specific period of time. Does that report exist?
WinFactor has that and more! With our free client Web access feature, your clients can access current reports on their own accounts as well.
Is there a way to make the system show the day you buy the invoices as day one? Because right now, or at least the way I entered in the invoicing the system does not show day one until the following day.
Yes, under Company Info, Transaction Rules, invoices first day should be day of purchase instead of day after purchase.
How do I account for a short payment on an invoice or a credit memo being issued after we advance on the invoice?
The easiest way to handle it is to not worry about the credit memo and apply the payment (even though it is short.) When you settle the invoice, the software will see the short payment and deduct the balance from the rebate. This will be reflected on the Settlement Statement. If the invoice has not been paid, the face amount of the invoice can be adjusted to reflect the credit memo, or you can use a negative invoice.
WinFactor allows you to import invoices from an Excel spreadsheet. To import invoices, click on Advances from the main menu, then the Import button at the bottom of that screen. The spreadsheet must be in a specific format, to view a sample, Sample-Data-for-Invoice-Import
There are two ways to go about this, depending on how you want the fees to work. The first method is to settle the invoice even though it has not been paid (or even if only a small amount has been paid.) To do this, go to ‘Settle Invoices’ and select the invoice from the list. If the invoice has had any payments posted to it or if the invoice is now beyond its recourse date, it will be on the list automatically. If the invoice is not on the list, click on “Insert Invoice”, find the invoice and click on “Add.”
Then settle the invoice like you would any other. It will post a negative amount to the rebate account (in the amount of the advance plus calculated fees.) Then other positive rebate amounts entered into the rebate account will eventually bring the balance back up to zero.
If, however, the invoice is large and will take a long time to pay off, you may want to continue to accrue fees until it gets paid off. (The method above calculates fees up to the point in time you settle it.) To do this, each time you settle a good invoice that posts a positive amount in the client’s rebate account, go ahead and pay a rebate out. But instead of cutting a check to the client, turn around and post it as a payment (in the same amount as the rebate) towards the bad invoice. These small payments will continue until the invoice is paid off. At that time, you can settle the invoice and the fees will be calculated until the last payment has been posted.
There is also another way to pay off a bad invoice, and that is by taking the amount due from the next schedule of invoices purchased. To do that, add a charge to the Advance schedule and check off the box ‘Apply to Client Rebate Account’.