Selling Receivables Is Called
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FAQ
While recording the invoice journal entry, you need to debit the accounts receivable account for the amount due from your customer and credit the sales account for the same amount. You also need to post the cost of goods sold journal entry to update your inventory.
Also known as accounts receivable, trade receivables are classified as current assets on the balance sheet.
Factoring is simply selling your accounts receivables at a discount. While not for every business, it is a short-term solution ? typically two years or less ? for companies with an equally brief need for cash flow.
Accounts receivable (AR) are the balance of money due to a firm for goods or services delivered or used but not yet paid for by customers. Accounts receivable are listed on the balance sheet as a current asset. Any amount of money owed by customers for purchases made on credit is AR.
The journal entry for account receivables is made by debiting the accounts receivable account and crediting the sales account.