An accounts receivable purchase agreement is a legally binding contract that governs the purchase of accounts receivable between parties in a specific location. What is the accounts receivable process?2 Fill out the form to write off the transactions desired for the customer, transaction, or transaction code. All revenue contracts must first be entered in the Contracting System. The accounts receivable purchase is a contract between a buyer and seller where the buyer agrees to exchange money to receive something from the seller. The point at which a contract asset becomes an account receivable may be earlier than the point at which an invoice is issued. Hire the best freelance Accounts Receivable Managers near Chicago, IL on Upworkâ„¢, the world's top freelancing website. Factoring is a financing solution that allows businesses like yours to convert accounts receivable into immediate cash. The following are frequently asked questions regarding the University of Chicago's Financial Systems Transformation (FST).