Rasec

was this guy's post from your last same question not helpful?

"A company sells A/R off to a SPE. The SPE buys the A/R and then provides cash back to the company for the asset. This is your typical scenario. Think about your accounting formula, if you sell an asset, in this case A/R, you are converting that asset into cash so you can't double count it. Cash up, A/R down. So your current ratio stays the same. The receivables will entirely come off of the BS under normal circumstances."

I think you are getting this mixed up with ADJUSTING for a company that sold off its A/R. In order to adjust for this sketchy business, you ADD BACK the amount of the securitization to Assets and Liabilities, effectively reversing what the company did.

Does that help?