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Action | Accounting Entries |
---|---|
Create Invoices | DR Accounts Receivables CR Revenue |
Approve Automatic Receipts | DR Confirmation CR Accounts Receivables (For automatic receipts not requiring Confirmation.) |
Confirm Automatic Receipts | DR Confirmation CR Accounts Receivables (For automatic receipts requiring confirmation) |
Approve Remittances | Standard Remittance: DR Remittance CR Confirmation Factored Remittance: DR Factoring CR Confirmation |
Clear Receipts | Standard Remittance: DR Cash DR Bank Charges CR Remittance Factored Remittance: DR Cash DR Bank Charges CR Short Term Debt |
Eliminate Risk | Factored Remittance: DR Short Term Debt CR Factoring |
Table 1 - 26. (Table 1 of 1) |
Note: Instead of affecting the Remittance account, Receivables debits the Factoring account and credits the Short Term Debt account when you choose to factor your receipt. The Short Term Debt account is subsequently debited when you run the Automatic Clearing program to eliminate risk.
Reporting on Automatic Receipts and Remittances
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