A purchase invoice is a document that specifies the services purchased by you as a FreeFlexer. This often involves the cost of direct payment (factoring fee). You can recognize this document on the reference number that starts with the letter F.
What are factoring fees?
The factoring fees are the fees for direct payment. This is an optional service where Finqle takes over your sales invoice (M) and the associated debtors risk. It means they pay you right away for a shift, while they wait for the payment from the client. The cost for this is 2.9% of the total shift. It’s possible that the factoring costs for several shifts are combined on one purchase invoice (F).
The purchase invoice has two pages:
Page 1 On the first page, you’ll see your company details, Finqle’s details, and the total factoring fee charged.
Page 2 To see which shifts the factoring costs have been charged for, scroll to the second page. Here, you’ll find an overview of the sales invoices (identifiable by the M-reference number) that Finqle has taken over, along with the associated costs.
No manual payment needed
You don’t need to manually pay the purchase invoice. The fee is automatically deducted from your total shift payment (the sales invoice M). In your transaction statement (T) you’ll be able to see the total amount you have been paid.
Accurate Bookkeeping
Be sure to keep these invoices on file, as they qualify as business expenses and can reduce your taxes. These costs may be deductible from your annual income tax, and from your quarterly sales tax if applicable. In short, keeping these records can help you save money. Read more about taxes here.
To know more about our new financial overview, click here: