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What is factoring?

A business will sometimes factor its receivable assets to meet its present and immediate cash needs.


Prerequisite:

1. The following demonstration is using version 17 and USA localization.


The use case:

Create an invoice and a customer payment for $100 for the same customer, and reconcile. But the bank statement shows $90, so we sell the $100 receivable to the third party at a discount.

We need to reconcile the $90 bank statement line with the customer payment of $100 and the factoring expense of $10.

However, In v17, when we select a $90 bank statement line with the $100 customer payment, Odoo will automatically adjust $100 to $90.


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Author Best Answer

The workflow and the solution:

1. Create the invoice and customer payment for $100 and reconcile these two journal entries.


2. Select the $90 bank statement line and reconcile it with the $100 payment to the bottom right.

Odoo will automatically adjust the $100 to $90.


3. Select the $90 payment and click the manual operations tab below to change the amount to $-100.


4. Then click on the $10 amount and modify the account on the manual operations tab below.



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