Factoring Setup

Table of Contents

General Settings Numbering Setup Reporting Setup

Before you start using SOFT4Factoring, you need to complete the setup process. This section will guide you through the necessary set-up steps.

General Settings

In the Factoring Manager Role Center, open Departments/Factoring/Factoring Setup or search for “Factoring Setup”.
The Factoring Setup window will open. Here, you need to configure the general settings:

Cust. Template-Debtor - Select a template with default values for faster Customer record creation for Factoring Debtors. This is mandatory.
Vendor Template-Vendor - Select a template with default values for faster Vendor records for Factoring Vendor creation. This is mandatory.
Cust. Template-Vendor - Select a template with default values to create a customer record faster for a factoring vendor. A customer record is needed because fee invoicing is only possible for a Customer in SOFT4Factoring. This is mandatory.

Note: If there are no templates to choose from, you would need to create new ones.
The most important fields are posting groups and payment terms.

Customer Ledger Application by Factoring Agreement - If enabled, customer ledger entries can only be applied with the same Factoring Agreement No.
Sales Invoice ID Required for Application - If enabled, entries should be applied only if they have the same Invoice ID, except Collection Entries.
Advance Disbursement Application is Mandatory - If enabled and the Factoring Entry Type is Advance Payment, the entry must be applied.
Reserve Release Application is Mandatory - If enabled, and the Factoring Entry Type is Reserve Release, the entry must be applied.
Journal Customer Posting Group - Used for journal posting if Customer Ledger Application by Factoring Agreement is unmarked.
Chargeback Posting Reason Code - Default reason code for factoring chargeback credit documents.
Invoice Closing Request Posting Reason Code - Default reason code if creating a sales invoice and closing request is in progress.
Fact. Payable Jnl. Template - Journal template used when posting payables and receivables.
Fact. Payable Jnl. Batch - Journal batch used when posting payables and receivables.
Generic Email Body Template - Template used when sending documents from the system.

In the Factoring Setup window, go to the Numbering tab.
Create and set up number series for Factoring Agreement Nos., Factoring Master Agreement Nos., Factoring Chargeback Nos., and Invoice Closing Request Nos.