Accounting for Factored Transactions
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The Quickbooks Problem

Our clients who use Quickbooks® can create their invoices offline in Quickbooks® and use our exclusive technology to connect their Quickbooks® to our server and upload their Quickbooks® invoice data to our server and, thereby, participate in our Factoring Extranet. One of the outstanding features is our Automated Quickbooks Journal Adjustment Technology. We wrote this software, because an imbalance is created whenever a factoring client creates invoices in Quickbooks, or any other accounting software package, and then factors the invoices. The reason is that factoring is the sale of the account receivable asset in exchange for some initial cash. To correct the imbalance, adjusting journal entries must be posted to the accounting system. Most factoring clients don't know how to do this, and their books remain out of balance until their accountant gets around to posting an adjusting journal entry, which is usually once a year. During the interim, however, the books remain out of balance.

The Solution

21st Capital Corp recognizes this problem, and is the only factoring company to offer free accounting assistance to correct these imbalances on an on-going basis so that its clients' Quickbooks® is always in balance. We have written a free, one-click exclusive solution. If you are a Quickbooks® user, just click a link on our website and our software will automagically write the adjusting journal entries to your Quickbooks® and it will always be in balance.

The Accounting Problem for Non-Quickbooks Users

Since we only support Quickbooks, our clients who don't use Quickbooks cannot just click a link on our website to cause adjusting journal entries to be written by our software to their Peachtree, etc.

The Solution

We provide you with the adjusting journal entries on our website, but you have to enter them manually.

Here's How it Works

  • After you have received a wire transfer, simply login to our website and go to History > Transfers on the menu which will display a list of your wire transfers organized by our internal transfer id number, with the most recent at the top. When you click the link, Accounting Adjustments, in the first example, a window will popup listing the actual adjustments, which is displayed in the second example.
    Click Here to View an Example
  • Then click Accounting Adjustments and the actual adjustment will appear in a popup window. Please note the debits and credits and that each column balances.
  • Click Here to View an Example
  • Open your accounting system and create manual journal entries using the data in the popup.
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