Hello JaneS, as previously stated there are no standard functionality to handle this. I got the following reply from the Microsoft team:
Hello,
What I have been able to find out is that there is no functionality for the scenario you listed.
We have field for Factoring company but nothing else.
Partners have made their own solutions for this based on formats used by the Factoring companies.
Any solution for this is surely based on Payment ID which follows the invoice (and payment).
Additional information:
Company registers, posts and sends invoices to their customers with additional note saying like: ‘This invoice must be paid to the Factoring company using Factoring company bank account xxx.zzz.yyy and the CID (Customer ID ~ Payment ID)’ printed on the invoice.
Company sends supporting data for invoices to the Factoring company.
Factoring company keeps the customer account updated (payments, collection letters, interest notes) and reports to the Company. Company updates the accounts by importing the report file (Factoring company specific format).
In AX we have no other function for this than the Factoring account on the customer.
Payment ID is used for all invoicing:
Example of using Factoring on the vendor site:
Company must pay the vendor invoice to a Factoring company and defines the Factoring company on the vendor account. When generating payment file based on Telepay 2 (Norwegian payment format), the payee name is fetched from the Factoring account and rest of the information from the vendor itself. When Company imports the reconciliation return file from bank, the vendor transaction(s) is settled.
Example of OCR (Optical Character Recognition):
Customer pays the bill using CID. Bank sends the confirmation of the received funds electronically (we call it OCR file). Importing the OCR file, the code uses CID in the file to find the corresponding invoice with the same CID and reconciliate.
Hopefully this helps.
