Implementing Factoring

The Financial Integration (FI) aspect of Compiere means Accounting Consequence, and stuff that makes Accountants rule. Well, IANA.

Moderator: lofx

Implementing Factoring

Postby daniel_kepler » Mon Mar 06, 2006 10:01 pm

Hi!!!
I am in a trouble (like that was a new issue....ironic) because i am trying to implement factoring in Compiere. Factoring is very used by companys and i think that it must be a way to make this in Compiere. Already i not have any idea to implements factoring, so anybody had trying to do this or something come to you mind about this?
Regards
how to use Compiere?
daniel_kepler
 
Posts: 11
Joined: Tue Jan 24, 2006 6:23 am
Location: Chile

Postby red1 » Tue Mar 07, 2006 11:02 am

Hi Kepler,
Can u define further what is Factoring? Give the process steps expected in Factoring and ppl here can see what it is and can offer ideas.
red1
Site Admin
 
Posts: 2760
Joined: Tue Jul 06, 2004 3:01 pm
Location: Kuala Lumpur, Malaysia

Postby daniel_kepler » Wed Mar 15, 2006 7:10 am

OK, sorry for late.
Factoring is a resource that companies use for to collect invoice before the day that really they are collected.
For example, supose you have a invoice that your costumer have to paid in, say, 30 days, but you need the money refer to that invoice now. In that case you can give that invoice to a bank who receive it and pay you the amount that list the invoice. Indeed, the money is less, because you pay cost of give the administration of the invoice to the bank (here the business for the bank...haha). So, the bank is who have the mission to collect the invoice to the customer that debs it, but you don´t have to worry...you now have the money.

That i need to implement in Compiere, i have accounts that record the amount involve, but i am lost in the huge world of Compiere. i don´t know how records the entries in the account automatically, may be i have to use a GL Journal and do that may self....i don´t know.
Any ideas??
Regards.
how to use Compiere?
daniel_kepler
 
Posts: 11
Joined: Tue Jan 24, 2006 6:23 am
Location: Chile

Postby red1 » Wed Mar 15, 2006 8:48 am

Of course, without further modification to Compiere, Factoring can just be a GL affair.

But if to develop, then its a module altogether, as Factoring happens to Invoice(Customers) only.

If u want to avoid modifying and play around, perhaps u can treat the factoring Bank as a Vendor, and serve a PO, where they pay u. U create special account element IDs for such vendor, in the BPartner window, Accounting Tab.

If u made it work that way, pls tell me what Accounting chart hierarchy u use for the Bank (Vendor) to post its transactions during processing of the PO > Payment and does the Accounting turn out rite in the end for your accountant.
red1
Site Admin
 
Posts: 2760
Joined: Tue Jul 06, 2004 3:01 pm
Location: Kuala Lumpur, Malaysia


Return to Accounting Process

Who is online

Users browsing this forum: No registered users and 1 guest

cron