Is there a best practice for entering payments when factoring AR? The way we are doing it the entire amount of the invoice is deposited on the bank reconciliation and the bank fees are an offsetting withdrawl. In addition, if the customer returns the product after the bank has paid us, the customer credit is only for the amount paid to us by the bank, not the original invoice amount.
This may be a question best set up as a case to work with a support analyst so they can discuss your specific needs for you company. But here are my thoughts.
Generally, bank fees are not charged against the customer but more of an expense for the company – for cost of doing business. BusinessWorks will only know the amounts that you indicate on the invoice. So if you are not including the bank fees on the invoice, BusinessWorks does not know about it….and therefor doesn’t account for it.
Otherwise, I would recommend creating a case with support either using CHAT or calling 800-447-5700 to further discuss your options.