Need to work out to input the financials of this situation

Hi,
I am very new to Quick File and to accounting also. I have a situation that i could do with some help with if possible. Here is the situation:

Company A pays our temps that work for Company B. We use a factoring company to pay Company A and then Company B pays our factoring company. The factoring company then pays us, minus their fee’s.

So when it comes to putting this on Quick File, i am not sure how it should look.

So for example, we send Company B an invoice for £2000. They then pay the factoring company the £2000 and the factoring company pay us £1800. So we have sent Company B an invoice, which they never pay us. We get paid by the factoring company, but it is less than the invoice requested.

How should this be in putted in to Quick File?

I hope this makes sense. Thanks in advance.
James

Have a look at the guide for entering PayPal payments, this is essentially the same thing.

http://help.quickfile.co.uk/main/1/accounting_for_income_from_payment_service_providers.htm

Thanks for your help :slight_smile: