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Hi.
Is there anyone who can elaborate on the functionality around "Factoring account" on the vendor master.
Here I can set a relation to another vendor which I expect to be the factoring vendor.
When receiving invoice from the vendor I would have expected to be able to choose the factoring vendor's bank account and details to be able to sent a correct payment file to the bank, but it does not work.
When adding Factoring account on the vendor, registering and posting an invoice to the vendor and creating payment proposal and payment file for this invoice, name of the receiving party is fetched from the Factoring account and the bank account from the original vendor. This is by design and you get the same result.
Factoring company has opened and own bank account for the vendor - the bank account is owned by the Factoring account. And Factoring account has informed the vendor of the bank account they are expecting to receive the money from the company paying the invoice. When receiving the payment file, bank controls that the bank account and the owner. So the name of the factoring account must equal to the name of the receiving party of the vendor.
Hi.
I manage to figure out this functionality.
It turns out that the newest file formats, at least for ISO20022 credit transfer, implements this feature. When you point to another vendor using this factoring account, the payment file created will use that vendors name and address as the beneficiary in the payment file. This functionality lays in the ER mapping and not in X++.
Though, the actual bank account to make the payment to, must be created on the original vendor and not on the factoring account.
@Aris, this is a standard field/functionality at least in the newer version. Maybe a hotfix in 7.2 and earlier.
Hi Refshauge,
The field you mention is not a standard D365 field. It is a customisation and most probably you specify the factor vendor account and not the vendor bank account. You will need to confirm with the company or the consultant on how exactly it works during the payment process.
Kind regards
Aris
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André Arnaud de Cal...
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