20.05 Accounts Receivable, Chancellor's Office Business Policies & Procedures

Purpose:

To establish policies and procedures associated with accounts receivables.

Policy:

The following procedures will be used when activities generate amounts due from others.

Procedures:

1. The Department Head or Department Approver should notify Business Processing Staff of all Department activities which have generated amounts due from others. This notification should consist of all necessary information, including the index in which the money should be recorded.
2. For accounts receivable involving parties within OUS, Business Processing Staff prepares a journal voucher.
3. For accounts receivable involving parties outside OUS, Business Processing Staff prepares and mails an invoice.
4. At the beginning of each month, Business Processing Staff will send "past due" invoices for all invoices that are at least one and a half months overdue. This billing process will continue until the accounts receivable is paid or written off.
5. Quarterly, Business Processing Staff provides to the Department Head an aged report listing all outstanding accounts receivable. See the Outstanding Accounts Receivable Status Report for an example of the report. See the E-Mail Transmittal for Outstanding Accounts Receivable Status Report for an example of the e-mail.
6. To ensure completion and routing of this report Business Processing Staff may want to use a document similar to the sample Tracking Summary for Budget, Accounts Receivable, and Contract Status Reports.

Examples:

• E-Mail Transmittal for Outstanding Accounts Receivable Status Report - Sample
• Outstanding Accounts Receivable Status Report - Sample
• Tracking Summary for Budget, Accounts Receivable, and Contract Status Reports - Sample

Last Updated: 02/20/03