Our clients who use Quickbooks® can create their invoices offline in Quickbooks® and use our exclusive technology to connect their
Quickbooks®a; 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® adjusting entry technology. An imbalance is created whenever a factoring client
creates invoices in offline accounting software, whether Quickbooks® or any other accounting 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' accounting systems are always in balance. We have written exclusive software that enables our Quickbooks® users a
one-click solution. They just have to click a link on our website and our software automagically writes the adjusting entries to their Quickbooks®.
And, since we support Quickbooks® programmatically, we suggest that our clients use Quickbooks®. However, for those non-Quickbooks® users
who just can't switch to Quickbooks®, we offer a free manual solution.
Here's how it works (the images will popup as your mouse pointer rolls over the links, below:
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. Here's 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. Here's an example
Open your accounting system and create manual journal entries using the data in the popup.
