How to use Factored Invoice Features

Getting setup to use the Factored Feature.

Provide OneSource with the data fields necessary to be sent to the bank.
Provide OneSource with the format that this data needs to be sent in.
Work with OneSource to setup Queries into Invoice Lists and Customer Lists if necessary.
Run tests and send the data to the Bank to ensure that they are getting the data needed and in the format that they need.
Go to the Company Setup and Preferences and then to the Drop Down list. Add a new Type of payment called Factored. DO NOT check the Auto Deposit check box on this payment type.

Gather the data fields from the Client necessary to be sent to the bank.
Gather the format from the Client that this data needs to be sent in.
Create the Queries/Lists necessary for the Data Exports from OneSource.
Create a folder called Factored in the C:\OneSource folder.
Create a Custom Queries Database.
Create a Query called UpdateFactored linking to the Excel Spreadsheet named InvoiceLists in the C:\OneSource\Factored folder. Link the Invoice table from the Company date with the invoice number from the invoiceLists to be able to with 1 click update the Invoices sent to Bank as Factored.
Create a Query called UpdatePaidInvoices to mark all paid invoices that were previously marked as Factored and not Factored.

Use the Customer & Prospects List (Shift F3) to export the 'Customer List' tab and send the information to the bank.
Use the Invoice List (Shift F7) to export the 'Transaction Files' tab and send information of all invoices you want to set as Factored to the bank.
Update all Invoices sent to the bank in step above to Factored in OneSource

Copy the Excel CSV file sent to the bank in 2nd step above to the folder C:\OneSource\Factored.
Rename the file to InvoiceLists
Click on the Custom Queries shortcut on your desktop to open the Custom Queries database.
On the left hand side under Queries you will see a query called UpdateFactored. You will want to click this to run the query to mark the invoices as Factored. Click Yes when the prompt comes up to Run the Query.

Open a Deposit and click the New button to add a new deposit.
On the Deposit Slip, in the Account field enter the GL Account you have created for the A/R Sold with Recourse. And in the Amount field you will enter a Positive Value for the Total (Amount of Payment + Bank Service Charges + Factored Reserve). Then you will enter a new line and in that Account field you will enter the GL Account that you created for the Factored Invoice Reserve and in the amount field you will enter a Negative Value for the Factored Reserve Amount. Lastly you will enter one more new line and in that Account field you will enter the GL Account that you created for the Bank Service Charges and in the amount field you will enter a Negative Value for the Bank Service Charges.

Open the Receive Payments form from the AR/AP menu
Find the customer for the invoice that has been paid.
In the Dep to Account field you will want to select the GL account that you created for the A/R Sold with Recourse account. You will get a popup letting you know that you are not selecting the Undeposited Funds account. Just type Yes in the field and click OK.
In the How Paid Field select Factored from the list. It will not check the DEP check box which is what we want it to do. As we do not want these payments to show up in the Deposits for the day. Apply the payments for the invoices that were paid.
Click on the Custom Queries shortcut on your desktop to open the Custom Queries database.
On the left hand side under Queries you will see a query called UpdatePaidInvoices. You will want to click this to run the query to unmark the invoices that are paid to no longer show as Factored. Click Yes when the prompt comes up to Run the Query.

Open a Deposit and click the New Button to add a new deposit.
On the Deposit Slip, in the Account field enter the GL Account that you created for the Factored Invoice Reserve. And in the Amount field you will enter a Positive Value for the Total Amount of the payment.