Homnet Leasing Factoring

Module Homnet Leasing Factoring is a supplement to Homnet Leasing 14 system functionality for automation of operative, regulatory, and international accounting of factoring operations.

Functionalities

Accounting of contractual relationships with Creditors and Debtors

  • control of signing and recording of framework agreements with Creditors and Debtors
  • record of additional agreements for accounts receivable purchase
  • determining parameters of additional agreements based on framework agreements with possibility to amend
  • automatic generation of printed forms of contracts and additional agreements

Calculation of Debtors' payment schedules

  • grace period consideration
  • debt retirement by single payment or as per schedule
  • calculation of interest on the debt balance
  • optional recalculation of interest in case of partial early repayment of debt
  • recalculating schedules on debt prolongation

Control of fulfilment of obligations by Debtors

  • accounting of payment liabilities with per item detalization
  • control of overdue
  • analysis, calculation, accrual and control of penalty payment

Calculation of commission schedules for Creditors

  • calculation of commission amount based on the Debtor's debt balance in the grace period
  • issuing commission payment requests on early repayment date or grace period end date

Local and tax accounting, statutory reporting

  • accounting of settlements with Debtors and Creditors with per additional agreement detalization
  • recording of accounts receivable purchase based on operative accounting data
  • automatic recognition of interest revenue for Debtors, issuing VAT invoices
  • automatic recognition of commission revenue for Creditors, issuing VAT invoices
  • accounting of debt repayment and payment of interest by Debtors
  • automatic recognition of loan disposal after loan repayment by Debtors
  • accounting of commission payment by Creditors

IFRS accounting and reporting

  • accounting of settlements with Creditors with per additional agreement detalization
  • methodology of accounting of factoring operations similar to RAS principles
  • accounting of debt balances of Debtors with per item detalization
  • accounting of accrued interest balance with per additional agreement detalization

Advantages

For employees responsible for automation

  • simplicity of implementation and deployment
  • flexible setting of parameters making it possible to consider peculiarities of work under various schemes with various Creditors and Debtors

For back-office employees responsible for accounting

  • automation of routine operations, saving time and reducing risk of errors

For managers

  • increasing accounting transparency and the speed of operative reporting preparation
  • increasing staff efficiency
  • possibility to save on the back-office staff headcount

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