This article explains what Noja Rahoitus is and how to set it up in Finago Procountor.

Noja Rahoitus is a turnkey solution that combines invoice financing, a receivables credit limit, credit insurance, payment monitoring and debt collection.

This guide is intended for the accountant. You will receive login credentials to the OmaNoja service, where certain tasks are handled alongside Procountor.

Onboarding proceeds in three stages. First, the API connection is enabled, then the agreements are signed, and finally you receive an agreement number from Noja.
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Enabling the API connection requires the user to have full user management rights, i.e. the right to add and remove users and to edit user permissions.
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Once the Noja service has been activated, invoices can no longer be submitted to third parties for financing.
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As a rule, Noja assists with these settings, and the business owner or accountant does not need to configure them. The description below is provided for information on what is set up in Procountor.

Assignment notices. Copy the texts below exactly as they appear. The assignment clauses must not be modified.

Finnish

Tämä saatava on sitovasti pantattu ja siirretty Noja Rahoitus Oy:lle. Maksun voi suorittaa pätevästi vain Noja Rahoitus Oy:lle laskussa näkyvälle tilinumerolle. Tämä panttausilmoitus on peruutettavissa vain Noja Rahoitus Oy:n suostumuksin. BIC: NDEAFIHH IBAN: FI67 1733 3000 0145 69.

Swedish

Denna fordran har giltigt pantsatts och överlåtits till Noja Rahoitus Oy. Betalning kan med befriande verkan endast göras till Noja Rahoitus Oy till det bankkonto som anges på fakturan. BIC: NDEAFIHH IBAN: FI67 1733 3000 0145 69.

English

This receivable has been validly assigned and pledged to Noja Rahoitus Oy. Payment may be validly made only to Noja Rahoitus Oy to the bank account specified on the invoice. BIC: NDEAFIHH IBAN: FI67 1733 3000 0145 69.

4. Check the chart of accounts
- Management > Accounting details > Chart of accounts > Add account
- Make sure the chart of accounts includes accounts 1718 Trade receivables, financed, 2842 Factoring credit account and 9640 Financing costs. If the field turns red when adding an account, the account already exists.
- The accounts may be named as you wish, but Factoring credit account is the most natural name for account 2842.
- These accounts are required for the entries posted through the API to work

5. Set the default posting for bank statements
- Management > Accounting details > Default postings > Bank statement default postings > Add row

- The ledger account selection opens by clicking the Change ledger account heading. The other fields can be left blank.

6. Set the default trade receivables account
- Management > Accounting details > Default postings > General default postings
- For sales invoices, change trade receivables (debit) to account 1718 Trade receivables, financed. The setting is updated for all debtors, so the posting of invoices is automated going forward.

7. Update the financing agreement in the customer register
- Registers > Customer register > Edit multiple > Edit business partners > Financing agreement
- The financing agreement is updated for all existing customers and set as the default.
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In Noja's model, an invoice remains open in trade receivables until the end customer has paid it. All funds remitted by Noja are posted to liability account 2842, which is reconciled at month end with a memo voucher.
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Information on paid invoices is transferred automatically to the Procountor sales ledger.

When Noja finances an invoice, we remit the credit portion less the financing commission. When the end customer pays the invoice, we remit the remainder of the invoice amount.
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The financing commission is deducted from the credit portion. Invoice financing is a VAT-exempt service, so no VAT is added to the financing commission.
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Remittances are made once a day. A single remittance may include credit portions, residual amounts and additional financing, so the amount alone does not indicate which invoices it comprises. A breakdown is available in the OmaNoja remittance report.
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If the end customer does not pay the invoice within two weeks of the due date, Noja reclaims the credit portion remitted to the client. This appears on the remittance report as Credit adjustment (Luoton tasaus). A credit adjustment is also made when an invoice is credited or paid directly to the client's own bank account.
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​Direct payments

If a customer pays an invoice directly to the company's bank account instead of Noja's account, the direct payment is recorded in OmaNoja. Noja then makes a credit adjustment for the direct payment.
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Credit notes
Credit notes are created in Procountor and allocated in OmaNoja. A credit adjustment is made for the credited amount.
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Credit losses
A credit loss is recorded first in Procountor and then in OmaNoja. Post-write-off collection continues with Amili.
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Interest invoices and payment plans
No separate interest invoice may be issued for an invoice submitted to the service. Payment plans are handled by Amili.

The service covers euro-denominated invoices to both business and consumer customers.
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The following are excluded from the service:

OmaNoja is Noja's online service, for which the accountant receives personal login credentials. Certain tasks are handled there alongside Procountor.
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In OmaNoja you can:

The advance rate cannot be changed in OmaNoja.

Notify Noja that you wish to terminate the service. Noja will disconnect the API one month after the notice of termination.
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After the service has been activated, trade receivables may not be pledged to a third party until all obligations to Noja Rahoitus have ended.

​Is the assignment clause included on all invoices, even if not all are financed?
Yes. When the service is in use, all invoices are processed through Noja, so every invoice carries the assignment clause and Noja's bank account number. This keeps all receivables in one place, which makes the accountant's work easier.
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Can I select only some invoices for financing?
Financing is applied to the trade receivables as a whole in accordance with the agreed advance rate, not to individual invoices. All invoices are processed through the service regardless of how much financing is used.
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What changes on the invoice?
Noja's assignment clause is printed on the invoice, and the bank account number and reference number change. Otherwise invoicing continues as before.
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Does the service restrict Procountor functionality?
No. Activating Noja does not affect any Procountor features.
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​Why does the invoice remain open in trade receivables even though Noja has already remitted the funds?
In Noja's model, an invoice remains open in trade receivables until the end customer pays it. Funds remitted by Noja are posted to liability account 2842, and the receivable is cleared at month end with a memo voucher for the invoices the end customer has paid.
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What does the balance on account 2842 mean?
The remaining balance on the account is the client's outstanding debt to Noja.
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Why does the remittance amount not match any single invoice?
Remittances are made once a day, and a single remittance may include credit portions, residual amounts and additional financing for several invoices. A breakdown is available in the OmaNoja remittance report.
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What does Credit adjustment mean on the remittance report?
Noja reclaims the remitted credit portion if the end customer does not pay the invoice within two weeks of the due date. The same applies when an invoice is credited or paid directly to the client's own bank account.
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Is VAT added to the financing commission?
No. Invoice financing is a VAT-exempt service. The commission is deducted from the credit portion.
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Where can I get reports for the financial statements?
From OmaNoja.
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​The customer paid the invoice directly to the company's bank account. What should I do?
Record the direct payment in OmaNoja. Noja then makes a credit adjustment for the direct payment.

How is a credit note handled?
Credit notes are created in Procountor and allocated in OmaNoja. A credit adjustment is made for the credited amount.
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How is a credit loss recorded?
A credit loss is recorded first in Procountor and then in OmaNoja. Post-write-off collection continues with Amili.
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Can I send a payment reminder myself?
No. Payment monitoring and debt collection are handled by Amili. If necessary, a collection block can be set on an invoice in OmaNoja, which stops payment monitoring.
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Can an interest invoice be issued for an invoice submitted to the service?
No. Payment plans are handled by Amili.
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Which invoices are not included in the service?
Invoices in foreign currencies and invoices with a billing country other than Finland. Intra-group invoices are not financed.
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Can the service be used for invoices to consumer customers?
Yes.
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How is the service terminated?
Notify Noja that you wish to terminate the service. Noja will disconnect the API one month after the notice of termination.
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Can trade receivables be pledged elsewhere while the service is in use?
No. Trade receivables may not be pledged to a third party until all obligations to Noja Rahoitus have ended.

Noja's experts are happy to help.

Email: [email protected]

Customer service: 010 202 2800