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[Music] welcome to the udrive you network my name is kenny long and on this episode we are going to talk about quickbooks and entering factored invoices in previous videos i talked about invoicing and ive talked about receiving money but the way that thats done when you factor in invoice is completely different and requires a lot more steps so i will talk about how it works why it works and then well dig into quickbooks online and ill show you how the entries work so the biggest problem with factored invoicing is how it works and the misconception of what factoring actually is from an accounting standpoint factoring is a loan the factoring company loans money against the invoice it doesnt matter from an accounting standpoint it doesnt matter if it is a non-recourse or a recourse program you have an agreement with your customer whether its a broker or shipper for the purposes of this video well just say your customer so you have an agreement with your customer you move a load fo
