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Accounts Receivable Management: Difference between revisions
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The Finance Cashier’s Office will monitor the outstanding invoices generated through the subsystem, following up with billers as needed and process payments as they are received.<br /> | The Finance Cashier’s Office will monitor the outstanding invoices generated through the subsystem, following up with billers as needed and process payments as they are received.<br /> | ||
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The A/R subsystem will interact with SAP in that when payments are processed, the money collected will then be allocated to the respective cost objects as submitted by the biller when entering the invoice information. | The A/R subsystem will interact with SAP in that when payments are processed, the money collected will then be allocated to the respective cost objects as submitted by the biller when entering the invoice information. | ||
===Timelines=== | |||
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Agreements or contracts may determine the billing structure as to when an invoice is to be generated (monthly or quarterly, for example). Such structured invoices should be created within 10 business days as agreed upon. In the event of no invoicing schedule, billers should initiate the invoice process upon completion of a transaction and when the amount to be charged a customer is known/determined. | Agreements or contracts may determine the billing structure as to when an invoice is to be generated (monthly or quarterly, for example). Such structured invoices should be created within 10 business days as agreed upon. In the event of no invoicing schedule, billers should initiate the invoice process upon completion of a transaction and when the amount to be charged a customer is known/determined. | ||
==Non-compliance== | ==Non-compliance== | ||
Payments received by UNMC outside of this policy (not invoiced using the A/R subsystem) may not be recorded to departmental accounts as timely and these delays can result in inaccurate financial information. Complications often result in electronic payments received with no supporting backup. With no ability to properly account for them, these unclaimed receipts (checks, ACH, & wire payments) will be listed in the Cashiering Office website for review, updated regularly as needed. After 90 days of receipt, payments will be removed from the listing and retained by the Controller’s Office. | Payments received by UNMC outside of this policy (not invoiced using the A/R subsystem) may not be recorded to departmental accounts as timely and these delays can result in inaccurate financial information. Complications often result in electronic payments received with no supporting backup. With no ability to properly account for them, these unclaimed receipts (checks, ACH, & wire payments) will be listed in the Cashiering Office website for review, updated regularly as needed. After 90 days of receipt, payments will be removed from the listing and retained by the Controller’s Office. | ||
==Additional Information== | ==Additional Information== | ||
*Please contact Accounts Receivable/Cashiering | *Please contact [http://mailto:terry.lilla@unmc.edu Accounts Receivable/Cashiering] | ||
*Accounts Receivable Management Procedures - Under Construction<br /> | *Accounts Receivable Management Procedures - Under Construction<br /> | ||
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This page maintained by [mailto:dpanowic@unmc.edu dkp]. | This page maintained by [mailto:dpanowic@unmc.edu dkp]. | ||