Accounts Receivable Contract With Recourse

State:
Multi-State
Control #:
US-00402
Format:
Word; 
Rich Text
Instant download

Description

Accounts Receivable -Contract to Sale is a Contract to convey all accounts to a third party at a discount. The Seller agrees to sell to the Buyer all of Seller's right title and interest in all accounts as listed on the attached Exhibit, together with all invoices representing, and all money due or to become due on the assigned accounts and all other rights in the assigned accounts of any type. This Contract can be used in any state.
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FAQ

With recourse factoring, you're responsible for the debt if your customers don't pay. With non-recourse factoring, the factoring company accepts the loss for nonpayment.

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.

With recourse factoring finance if an invoice is unpaid or paid late to the factor then it is up to the company to buy back the invoices and either settle the debt or chase up payment with its customers.

What is receivables recourse? Recourse factoring involves pledging a company's invoices in exchange for an immediate cash advance. Any non-performing accounts receivable must be paid off by the company or the owners should the factor request payment of the non-performing accounts.

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Accounts Receivable Contract With Recourse