Factoring Agreement Online With Recourse
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FAQ
Recourse factoring is the most common and means that your company must buy back any invoices that the factoring company is unable to collect payment on. You are ultimately responsible for any non-payment. Non-recourse factoring means the factoring company assumes most of the risk of non-payment by your customers.
There are three accounts which need to be created to account for a factoring relationship based on With Recourse Conditions, including the following: FIZ ? Factored Invoices Sold: a contra asset account. FIR ? Factored Invoice Reserve: an asset account. FFE ? Factored Fees Expense: an expense account.
This is usually the maximum period that an invoice will be funded for. Once this period is passed you may be required to pay a refactoring fee or if its a bad debt, repay the borrowing. A typical recourse period would be around 90 ? 120 days.
An example of Recourse Factoring Let us assume that company A sells ?1000 worth of goods to Company B, which will pay company A back after three months. Now, company A sends a copy of an invoice to company C, a factoring company, which transfers ?800 to company A on the same day.
To accurately record the factoring transaction, the business should: Record the amount sold as a credit in accounts receivable. Record the cash received as a debit in the cash account. Record the paid factoring fee as a debit loss. Record the amount the factoring company retained in the debit-due account.