Invoicing of collection costs takes place at the time of compensation and/or at the closure of the file.
To avoid unnecessary money transfers, Atradius CYC pays the invoice to Atradius Collections.
So you will receive two documents:
- An account statement requesting your share of the costs to be paid to Atradius CYC;
- The cost invoice from Atradius Collections.
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- You register the invoice from Atradius Collections as a normal invoice for the full amount (to be credited to your supplier account Atradius Collections).
- Based on the statement you receive from Atradius, book the portion charged to Atradius (stated on the statement) as a debit to the Atradius supplier account.
- You pay the balance (the difference between Atradius Collections' invoice and the portion charged by the credit insurer). For files fully covered by the policy, this corresponds to the amount of VAT, found on the Atradius Collections invoice. Thus, the balances you have on both supplier accounts are offset in your books.
- The VAT administration then refunds you the VAT (the certificate of irrecoverability or the insurer's statement can be used for this purpose). Thus, the VAT account is debited.
