Accounting for Factoring Receivables in QuickBooks Online

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Index

0:22 AR Aging Detail report shown on screen

1:30 Report from receivables in QBO

3:20 As long as that information on screen is available you can record the transaction

3:32 Quick create and create a bank deposit

4:14 Add in the chart of account

4:50 Recording the Bank Deposit

5:32 Keep adding in the invoices line by line

7:40 You may also list all invoices in the memo

9:59 Make sure adding in the invoices to the bank deposit is done before the next step

10:31 Let's get paid, receiving payment on full amount

11:54 Receiving the payments at the gross amounts

12:59 Check off the invoice and save and new

13:12 Next customer pays his invoice and so forth

13:41 QuickBooks payments is great, Seth uses it

14:44 Recording a deposit since they are sitting in undeposited funds

15:48 Attention! Where it gets confusing, make sure it's at the gross amount

18:30 This amount should match what came into your bank account

19:21 Bottom line to be able to record the transaction

21:17 How to audit your work, to be able to trace your audit trail

23:41 Recording the net amount you will receive that will go against the reserve account

25:10 Checking balance sheet and loan payable amount from previous transaction


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