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Related to receivables: Net Receivables, Receivables Financing
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To enter into a joint venture, the manufacturer contributes equity based on a percentage of the net receivables held by the venture.
The bank argued that it should be allowed to deduct the costs of (1) acquiring the receivables (including making the decision to buy and how much to pay), (2) integrating the receivables into its accounting system and (3) assembling and selling receivables to the trust (which, in turn, sells certificates to investors).
Biebesheimer & Sons stole approximately $300,000 over a period of several years by writing payroll checks to nonexistent employees and then inflating accounts receivable in order to hide the theft.
What if you withdraw money against the receivables before the factor gets paid?
Under the periodic system, the taxpayer establishes a bad-debt reserve account based on the ratio multiplied by the amount of the outstanding receivables.
Northwest Airlines used ticket receivables for asset-backed securities; Pacific Lumber used trees.
During a specified reinvestment period (usually 18 to 36 months), the trust purchases additional credit card receivables generated by selected accounts.
In the case of service organizations in which salaries are typically paid when and as receivables are collected, the salary could be declared in the minutes of the board of directors' meeting, or a formula based on a historical percentage of salaries paid relative to cash-basis income could be used, in conjunction with a 2 1/2-month rule as alternatives.
Many companies get immediate cash for their letter-of-credit receivables upon presentation.