Tools & Resources. A Guide to Managing your Invoice Discounting Account. How to get the most out of your Invoice Finance service

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1 Tools & Resources A Guide to Managing your Invoice Discounting Account How to get the most out of your Invoice Finance service

2 2 Introduction This guide is designed to help you understand the actions you should take and the information required to maximise the benefit of our finance service (and of credit protection, should you have taken this option). This guide also assists you in understanding the actions we undertake when working your monthly return. Client Service Area A Guide to managing your invoice discounting account

3 3 Monthly Review of Aged Debtors Finance Only Purpose To ensure that your availability is maximised to set up appropriate retentions against debts that do not rank as eligible debts (as defined in the Agreement between us and you). What do we need to do before we submit our aged debtors? An automatic funding limit will have been advised to you on commencement with us. For any debtors with a balance over this limit an account should have been opened and a credit limit requested. Please see notes for Setting up Customer Accounts & Requesting a Credit Limit. Where possible please send your aged debt report with your completed statement reconciliation template to Note: The electronic statement reconciliation summary can be downloaded from the Tools & Resources Stationery area accessed from the main menu of Internet Invoice Finance. What happens when HSBC receive your aged debt report and statement reconcilation? All returns are worked promptly upon receipt. Retentions may be created for the following classifications of debt: Overdue these relate to all debts that are more than 3 months overdue, or 2 months overdue if a due date aged debt is supplied Over customer funding limits Additionally, we may need to create Special Retentions that include: Amounts owed by a single customer that exceed the agreed concentration limit Unreconciled ledger differences Any difference between reconciliation and ageing previous month end reports Any debits within unallocated cash Any non notified debts included within aged debt report Any export debts that exceed a notified pre-payment limit for such debts if exports are not within the scope of your Agreement with us Current or previous audit retentions that are still applicable When retentions have been applied a note will be sent via IIF and can be viewed in the message centre and a phone call will be made to you. An example is set out below: Client Account Client Account Name ABC Ltd CST (your CST number and division) Credit controller (your credit controller s name) Current retention total on dd/mm/yyyy is Value Your retentions have been changed today by (your credit controller). Your new retention total is value and will impact availability from dd/mm/yyyy. To see a breakdown of these retentions in Internet Invoice Finance, please navigate to the Payments and Availability screen. Click on the value shown in the Ineligible for Funding field, and amend to tomorrow s date. Should applied retentions increase (which will decrease your funding), your client controller will contact you to discuss. (If you do not wish to receive these calls please confirm with your client controller or Invoice Finance Manager.) Items entered on the statement reconcilation that have not been notified to us Unresolved outstanding queries from Tools & Resources A Guide to managing your invoice discounting account

4 Monthly returns for clients who have finance with credit protection Purpose To ensure your availability is maximised To set up appropriate retentions against debts that do not rank as eligible debts (as defined in the Agreement between us and you). What do I need to do before I submit my aged debt report and statement reconcilation? An automatic funding limit will have been advised to you on commencement with us. For any customers with a balance over this limit, an account should have been opened and a credit limit requested. Please see notes for Setting up Customer Accounts & Requesting a Credit Limit. In addition to the automatic funding limit, we may have also granted an automatic credit protection limit, which will be for a lower amount. Please your aged debt report and reconciliation statement to What happens when HSBC receive your aged debtors and statement reconciliation? All returns are worked promptly following receipt. Retentions may be placed for any of the following: Overdue these will be all debts that are more than 3 months overdue or 2 months if a due date aged debt report is submitted. No retention will be created if you have sent the account to us for collection and the debt is credit protected. Please see notes on The Litigation Guide. Any debt that exceeds the credit protected limits, or if higher, the funding limit Items entered on the statement reconciliation that have not been notified to us Outstanding queries from previous statement reconciliations that remain unresolved Any debits within unallocated cash Any non notifiable debts included within the aged debt report Existing audit retentions brought forward. When retentions have been applied a note will be sent via the message centre of IIF, an example of which is set out below and we will call you: Example: Client Account Client Account Name ABC Ltd CST (your CST number and division) Credit Controller (your credit controller s name) Current retention total on dd/mm/yyyy is value Your retentions have been changed today by (your credit controller) Your new retention total is value and will impact availability from dd/mm/yyyy To see a breakdown of these retentions in Internet Invoice Finance, please navigate to the Payments and Availability screen Click on the value shown in the Ineligible for Funding field, and amend to tomorrow s date. Any wholly ineligible debt. Additionally, we may need to create special retentions that include Amounts owed by a single customer that exceed the concentration limit Unreconciled ledger differences Any difference between statement and ageing Tools & Resources A Guide to managing your invoice discounting account

5 5 Statement Reconciliation The statement reconciliation will allow us to balance your aged debt report to the HIF month-end statement. Your transactions will be recorded on the HIF statement, you are only required to record any notification and remittance differences between your month end ADR and the statement. Purpose To provide an automated record of sales ledger activity for each month. You only complete the green or shaded boxes Your business client name and HIF client number Month end aged debt report total Locating the statement reconciliation template Log on to Internet Invoice Finance Select Tools & Resources area from the side menu Navigate to Stationery and select Invoice Discounting Locate and download the Statement Reconciliation Summary. At the end of each month the statement reconcilation and your aged debt report should be ed to ledgerec. Please include in the subject field your client controller s name and your client number. Excluded and non notified accounts Your HIF statement balance (c/f balance) Notifications including sales, credit notes, etc posted to your ADR but not showing on your HIF statement Remittances shown on the HIF month-end statement, but not posted to your ADR Remittances posted to your ADR, but not showing on the HIF month-end statement The statement reconciliation can be completed as soon as you can see the month-end statement online. Tools & Resources Area A Guide to managing your invoice discounting account

6 hsbc.co.uk Issued by HSBC Invoice Finance (UK) Ltd We are a principal member of the HSBC Group, one of the world s largest banking and financial services organisations. HSBC has around 9,500 offices in 85 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. HSBC Invoice Finance (UK) Ltd 21 Farncombe Road Worthing West Sussex BN11 2BW D /09 Designed and produced by DPS Corporate Design Group, Xerox (UK) Limited, London HSBC Bank plc All Rights Reserved.

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