FACTORING SYSTEM

System Description

FACTOR (Commerce) : a businessman that makes loans for or on security of trade debts.
- Collins English Dictionary

The Dynagen Factoring system is used to manage debtors' accounts within factored Clients. It consists of a separate debtors ledger for each client with transaction capture (invoice, receipt, journals, etc.), weekly & monthly processing, age analysis & transaction schedules, reminder letters, and printed monthly statements. At a client level, Weekly & monthly factoring & interest charges are raised & detail & exception schedules are produced.

Each client has its own debtors, each of which, in turn, has it's set of transactions.

Features

• Online updating - Client & Debtor balances are constantly updated by transaction capture giving update data to both credit controllers and client managers

• Debtor Enquiry - access to current data showing totals, transaction and diary notes

• Client Enquiry - contact & descriptive detail, and consolidated balances showing availability of additional funding as well as the Factor's exposure to the Client.

• Open Items - unpaid or unreconciled invoices remain on the system until they are receipted

• Scheduled & ad hoc reporting - routine schedules & acception reporting for both Clients & Debtors

• Diary System - credit controllers can enter free format notes as well as specify a prompt date to revisit the debtor

• Letter printing - standard letters can be initiated from individual Debtor enquiries or exception letters can optionally be processed in batches for the selected Client

• Menu driven - for ease of use as well as for controlling access according to the function of the user

• Single Debtor file - the same code can be used to link a Debtor across clients. Thus addresses and telephone numbers can be common to different client whilst balances, terms, etc. are maintained separately for the Debtor on each client

• Dispute processing - the ability to record Debtor disputes and to load the Client's retention with such disputes

• Interest calculations - prime base based or flat rate

• Disclosed or Confidential factoring.