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Factoring for Foreign Legal Entity

Factoring for Foreign Legal Entity

Factoring for Foreign Legal Entity

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The domestic legal entity A has an outstanding receivable of €266.37 to another domestic legal entity Customer & Co. Company A uses invoice factoring and finds buyer X, that is, a foreign legal entity with head office located in the USA. A three-party agreement will be concluded which will contain that the factoring company will sell outstanding receivable of Customer & Co worth €240.00 to non-resident.

1. Selling Factoring

  • Receivable: 1200D, 003000004/20.04.00
  • Posting factoring

    Posting exchange differences

    		 1652/1200 €240.00

    7541/1200 $38.376
    Posting payment  1100/1652 €240

Receivables in USD:

+ 240 credit factoring for non-resident X of Customer & Co's receivable (linked document: PT1)

006289.gif

-240 payment by non-resident X - payment basis 682 (linked document: PT1)

006290.gif

0 balance at the end of period concerned

2. Payable Incurred

  • Payable: 2200K, 011000009/07.03.01
  • Posting incurred payables

    Posting exchange differences

    		  2200/2852 €240.00

    2200/7851 $38.376
    Posting payment for non-resident  2852/1100 €240.00

Payables in EUR

+240 credit payables incurred for non-resident X
 (linked document: PO2)

006291.gif

-240 debit payment for non-resident X; outflow basis is 682 (linked document: PO2)

006292.gif

0 balance at the end of period concerned

 

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