cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
Level 1

Our Factoring company advanced us £20,000 against our ledger has a whole not individual Invoices How do i record this on Quickbook ?

 
4 REPLIES 4
Highlighted
QuickBooks Team

Our Factoring company advanced us £20,000 against our ledger has a whole not individual Invoices How do i record this on Quickbook ?

Hello there, @Philipt.

 

You can create cleaning accounts that will serve as a Factoring Company in QuickBooks.
 

Here's how:

  1. From the left menu, click Accounting.
  2.  Select Chart of Accounts.
  3. On the Chart of Accounts screen, click the New tab.
  4. Choose Bank for the Account Type. You may choose any detail type you want for your clearing account.
  5. Type in the Name for the clearing account.
  6. Make sure you do not type in any amount on the balance before.
  7. Click Save and Close.

Once, done, you can now move money from one account to another account using the clearing account.

 

Also, if you need some references in the future, you can always access our site: Help articles for QuickBooks Online.

 

Please let me know in the comment section below if you have any other questions. It'll be always my pleasure to lend a hand.

 

Highlighted
Level 2

Our Factoring company advanced us £20,000 against our ledger has a whole not individual Invoices How do i record this on Quickbook ?

Hi - thanks for posting. When I try step 4 I don't have an option to choose Bank as the account type? I only have these

 

 

Highlighted
Level 2

Our Factoring company advanced us £20,000 against our ledger has a whole not individual Invoices How do i record this on Quickbook ?

I've now done it as Cash at Bank In Hand ...

Highlighted
QuickBooks Team

Our Factoring company advanced us £20,000 against our ledger has a whole not individual Invoices How do i record this on Quickbook ?

Thank you for getting back to us here on the Community page, @philm1.

 

You can use that account type though. In the UK version of QuickBooks Online (QBO), the Cash at bank and in hand account type is equivalent to the Bank account type in QBO US.

 

 

For additional reference about understanding the chart of accounts in QBO UK, read this article.

 

Get back to me if you have any other questions. I'm always here to help however I can.