Factoring

Hi I hope someone can help, I've not posted on here before but I am having a complete mental block on dealing with sales invoices being factored out.
Do I set up a seperate factoring account for these invoices or a nominal code for factoring? Please help
Do I set up a seperate factoring account for these invoices or a nominal code for factoring? Please help
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You should then reconcile the factoring account against monthly statements from factoring company.
The only two bad debts I have ever, ever had were from clients who factored their invoices - and went bust.
The factoring company charges a fortune, and only too quick to pull the plug when things are bad. Also, their agreements are tighter than the proverbial, and almost impossible to get out of.
Claudia