This form is an Assignment of Accounts Receivable. The assignor conveys all interest in the accounts listed on the Attachment included in the form. The accounts represent all outstanding accounts of the assignor from the sale of products or services.
Kansas Accounts Receivable - Assignment
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Multi-State
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US-00400
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Word;
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FAQ
In the accounts receivable assignment process, a company assigns receivables to a lending institution to borrow money. The borrower pays interest plus additional fees. The borrowing company retains ownership of the accounts receivable and collects payment from its customers.
A receivable assignment agreement is an agreement by which a creditor ? the ?assignor? ? assigns to another person ? the ?assignee? ? a receivable it holds against a third person ? the ?assigned debtor?. The assigned debtor is not a party to the assignment agreement.
Assignment of accounts receivable is a lending agreement whereby the borrower assigns accounts receivable to the lending institution. In exchange for this assignment of accounts receivable, the borrower receives a loan for a percentage, which could be as high as 100%, of the accounts receivable.
What are the benefits of Assigning Receivables? Assigning receivables turns unpaid invoices into immediate working capital. The borrowing business can then cover day-to-day expenses like payroll or rent. The borrowing company still owns the accounts, but the assigned receivables serve as collateral.
What are the journal entries for assigning Accounts Receivable as collateral for a loan? The entry to record assignment of Accounts Receivable as collateral would be a credit to cash, and a debit to assign Accounts Receivable. The cash account is debited because the company gave up the assigned receivables.
Example of the Assignment of Accounts Receivable ABC Corp. approaches XYZ Bank to obtain financing using its accounts receivable as collateral. XYZ Bank agrees to provide a loan of 85% of the total accounts receivable value, which amounts to $170,000 (85% of $200,000).
Gross accounts receivable represents the total amount of outstanding invoices or the sum owed by customers. It's perhaps the easiest to calculate, too - you simply add up all the outstanding invoices at a given time! It's a raw figure without any adjustments and sets the stage for more nuanced metrics.