Set Up Factoring on Customer Invoices

Before You Use This Article

• Access needed: Load Manager login and permission to use this screen, report, setting, or workflow.
• Use this article when: you are working with billing, customer records, accounting, settlements, reports, or dashboard results inside the Load Manager account your company already uses.
• Use a different article when: you need document or dispatch direction for a specific company type; brokers should use Rate Confirmation Layout and Features, dispatch services should use Dispatch Report Overview for Dispatch Services, and trucking companies should use Dispatch Report Overview for Carriers and Trucking Companies. For full setup order, start with Freight Brokers, Carriers, Owner-Operators, and Trucking Companies, or Dispatch Services.

Use Factoring in Load Manager when customer invoices should show factoring-company remit instructions or a Notice of Assignment. After the factoring company is set up and assigned to a customer, the remit information can print automatically on that customer's invoices.

Factoring setup is shared across TMS types. Freight Broker, Dispatch Service, and Carrier/Trucking accounts use the same factoring setup workflow for customer invoices.

Before You Start

• Confirm the factoring company's name, address, phone, fax, email, and contact person.
• Confirm the exact remit-to or Notice of Assignment wording your factoring company wants on invoices.
• Decide whether the factoring company should replace the customer as the Bill To on invoices.
• Decide whether this factoring company should apply to one customer or all customers.

Add a Factoring Company

1. Go to All Loads.
2. Click Factoring in the submenu.
3. Click Add New.
4. Enter the factoring company details.
5. Use Invoice Remit Information to enter the wording that should appear on invoices.
6. Click Save or Save & Exit.

Factoring Company Fields

• Use Factoring info below as the "Bill To" on the invoice: Use this when the invoice should bill the factoring company instead of the original customer billing address.
• Print "Invoice Remit Information" on invoice: Select this when the remit wording should print on customer invoices.
• Name, Address, City, State, Zipcode: The factoring company's main billing details.
• Contact Person, Phone No, Fax, Email: Contact details for the factoring company.
• Factoring Fee: A factoring fee percentage shown when your system is set up to use automatic factoring fees.
• Invoice Remit Information: The remit-to or Notice of Assignment text that prints on the invoice.
• Auto-Fill: Creates default Notice of Assignment wording from the factoring company details. Review and edit the wording before saving.
• Text Color: Controls the color of the invoice remit wording.
• Apply this to all customers: Assigns this factoring company to all customers in your company account.

Assign a Factoring Company to a Customer

Assign factoring from the customer profile when only certain customers should use a factoring company.

1. Go to the Customers tab.
2. Open the customer profile.
3. Select the factoring company from the Factoring Company dropdown.
4. Review the remit fields that populate from the factoring company record.
5. Click Save or Save & Exit.

You can also choose Add New from the Factoring Company dropdown if you need to create the factoring company while editing the customer.

Set an Automatic Factoring Fee

If your company wants Load Manager to apply a default factoring fee, turn on the setting in Configuration Options.

1. Go to Settings > Configuration Options.
2. Find Automatic Factoring Fee.
3. Select the checkbox and enter the factoring fee percentage.
4. Click Save.

When automatic factoring fees are enabled, the factoring setup screen shows a Factoring Fee percentage field for factoring company records.

Review the Invoice

Open a customer invoice for a load connected to a customer that uses factoring. The invoice can show the factoring remit information below the invoice totals, before pricing notes and customer terms.

Troubleshooting

• The remit information does not appear on the invoice: Open the factoring company and confirm Print "Invoice Remit Information" on invoice is selected.
• The wrong factoring company appears for a customer: Open the customer profile and review the Factoring Company dropdown and remit fields.
• The invoice should bill the factoring company instead of the customer: Open the factoring company and select Use Factoring info below as the "Bill To" on the invoice.
• A factoring fee field is missing: Go to Settings > Configuration Options and confirm Automatic Factoring Fee is enabled.

Related Articles

• Customer Invoice and Quote Layout
• Consolidated Invoices
• Show a Partial Customer Payment on an Invoice or Quote
• How do you change the terms on the invoice?