What is Procountor Limiitti?
Procountor Limiitti is an invoice financing service within the Procountor Financial Management software. All invoicing is routed through Alisa Bank, and you can decide when and how much financing to draw. Using invoice financing speeds up the company's cash flow and increases the amount of money available in the account to cover mandatory expenses such as invoices, taxes, and salaries, as well as enabling investments and enhancing competitiveness.
When using Procountor Limiitti, you create your sales invoices as usual in Procountor. The invoice is delivered to your customer exactly as if you had sent it yourself. We add the legally required transfer clause to the invoice and change the account number to the financier's client account.
The service is implemented in collaboration with our partner Alisa Bank and is available directly from Procountor.
Learn more about the Procountor Limiitti service and order it here (in Finnish).
Implementation
- Make an agreement with Alisa Bank for the use of Procountor Limiitti. Order the service here. Alisa Bank processes the order, and you will receive the invoice financing service agreement for signing. If you have sent all the necessary information to the bank, you will have access to Procountor Limiitti on the same day or within a few days.
- After making an agreement with Alisa Bank for Procountor Limiitti, activate the external financing services in Procountor under Management > Company Info > Usage Settings > Is external financing in use?
- Add the technical user ID for Procountor Limiitti to Procountor according to Alisa Bank's instructions (instructions in the email sent by Alisa Bank).
- Check that the chart of accounts has the necessary accounts for the implementation of external financing. Contact your accountant if necessary.
- Instructions for the necessary changes in accounting can be found below.
- Then confirm in the email to Alisa Bank that the changes have been made. After confirmation, we will automatically fill in the Procountor Limiitti financing agreement details in Procountor under Management > Company Info > Financing Agreements.
- From now on, you can increase the limit with open sales invoices and decide when and how much financing to draw. Read more about the use of external financing here.
Using the Financing Agreement on Invoices
During the implementation, Alisa Bank adds the Procountor Limiitti financing agreement to the customer register as a default via the API interface. This happens in the program under Registers > Customer Register > Select Customer > Financing Agreement. After this, the Procountor Limiitti financing agreement is automatically selected for all new invoices for the customer. The name of the Procountor Limiitti financing agreement is Alisa bank.
You can also add the financing agreement to multiple customers under Registers > Customer Register > Edit Multiple > Search Business Partners and select the ones to be edited > Edit Business Partners > Financing Agreement.
We recommend informing your accountant about the customers whose invoices are financed using Procountor Limiitti. This way, the accountant can respond to the default account changes for financing receivables.
The invoice is sent to the customer in the usual way from Procountor after pressing the Send button. Read more about using the financing agreement here.
Special Considerations Related to Procountor Limit Financing Agreements
- The Procountor Limiitti financing agreement can also be used for consumer customer invoices. This feature is not activated automatically for consumer customer invoices but must be agreed upon separately with Alisa Bank.
- If an invoice is copied from an old invoice, it is particularly important that the financing agreement is added to the customer register before copying. During copying, select Original in the Business Partner field, retrieve the information from the register so that the changed register information is transferred to the new invoice.
- We recommend using financing agreements consistently for all invoices of a particular customer to ensure that the receiving system of the customer keeps up with the account number of the payable invoice.
Sending Financing Data to Alisa Bank
The invoice information is sent to Alisa Bank when the invoice is in Sent status. After this, the invoice can no longer be returned to In unfinished status, and it has been sent to both the customer and Alisa Bank for financing. The financing data is sent using the API interface and the transmission happens automatically after pressing the Send button.
Financing and Marking the Invoice as Paid
The invoice is financed according to the agreement made with Alisa pankki . The first remittance of the receivable appears on the bank statement at the earliest the next day. When the customer pays the invoice in full, the sales invoice is automatically marked as Paid Elsewhere. Alisa pankki charges financing costs in connection with the remitted receivables according to the financing agreement. During the final remittance, an automatic memo is created, which records the financing costs in the accounting. This memo shows which invoice(s) the financing concerns.
- If you have multiple invoices to be financed, the invoices are remitted to the bank statement as a single transaction using the standard message (Kassaturva).
Accounting Considerations for Marking the Invoice as Paid
The sales invoice is recorded as follows:
1718 Accounts Receivable, Financing / 3000 Sales
The payments received on the bank statement are defaulted as follows:
1910 Bank Account / 2842 Short-term Debt
Financing costs are recorded automatically with a monthly memo from the API:
9640 Financing Costs / 2842 Short-term Debt
During the final payment, when the customer pays the invoice, Alisa pankki remits the remaining receivables on the bank statement and provides the final financing costs (if any) with a memo to Procountor.
2842 Short-term Debt / 1718 Accounts Receivable, Financing
1910 Bank Account / 2842 Short-term Debt
After this, the accounting and ledger match.
Handling Credit Invoices
Credit invoices are created in the usual way, and information about financed invoices is not separately provided to Alisa Bank. Alisa Bank retrieves credit invoices automatically from Procountor via the API interface.