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.
Posted in: Using WinFactor