Accounts Receivable Management - Revision history

Mhurlocker: /* Additional Information */

2024-08-19T20:33:18Z

Additional Information

← Older revision		Revision as of 15:33, August 19, 2024
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	*[http://wiki.unmc.edu/images/7/73/Accounts_Receivable_Procedures.pdf Accounts Receivable Management Procedures]<br />		*[http://wiki.unmc.edu/images/7/73/Accounts_Receivable_Procedures.pdf Accounts Receivable Management Procedures]<br />
	<br />		<br />
	This page maintained by [mailto:~~dpanowic~~@unmc.edu ~~dkp~~].		This page maintained by [mailto:mhurlocker@unmc.edu mh].

Dpanowic: finalized draft changes with new revised/reviewed date of 3/2/23

2023-03-02T16:06:20Z

finalized draft changes with new revised/reviewed date of 3/2/23

← Older revision		Revision as of 11:06, March 2, 2023
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	Policy No.: '''6084'''<br />		Policy No.: '''6084'''<br />
	Effective Date: '''09/26/13'''<br />		Effective Date: '''09/26/13'''<br />
	Revised Date: '''~~draft~~'''<br />		Revised Date: '''03/02/23'''<br />
	Reviewed Date: ''''''<br />		Reviewed Date: '''03/02/23''<br />'''
	<br />		<br />
	<big>'''Accounts Receivable Management Policy'''</big>		<big>'''Accounts Receivable Management Policy'''</big>

Dpanowic at 20:11, February 14, 2023

2023-02-14T20:11:07Z

← Older revision		Revision as of 15:11, February 14, 2023
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	Policy No.: '''6084'''<br />		Policy No.: '''6084'''<br />
	Effective Date: '''09/26/13'''<br />		Effective Date: '''09/26/13'''<br />
	Revised Date: '''~~03/08/22~~'''<br />		Revised Date: '''draft'''<br />
	Reviewed Date: '''~~03/08/22~~'''<br />		Reviewed Date: ''''''<br />
	<br />		<br />
	<big>'''Accounts Receivable Management Policy'''</big>		<big>'''Accounts Receivable Management Policy'''</big>
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	==Collection and Write-off of Delinquent Balances==		==Collection and Write-off of Delinquent Balances==
	===Collection Procedures for Invoices Outstanding===		===Collection Procedures for Invoices Outstanding===
			AR billers are responsible for collection of their invoices.<br>

	Collection Procedures for Invoices Outstanding passing the assigned payment term:		Collection Procedures for Invoices Outstanding passing the assigned payment term:
	*Between 30-60 days – A/R Biller will send second request billing to customers		*Between 30-60 days – A/R Biller will send second request billing to customers
	*Greater than 90 days – A/R ~~Biller~~ will ~~communicate with A/R Staff~~ to ~~determine who will follow up with customers~~		*Greater than 90 days – A/R Staff will send aging report to AR Biller and request collection status
	*Greater than 180 days – A/R Staff will send ~~a revised invoice~~ with ~~service charges to customers~~		*Greater than 180 days – A/R Staff will send aging report and notification to A/R biller with college deans copied
	*Invoices outstanding greater than 180 days may be assessed service charges determined by the vice chancellor for business, finance and business development		*Invoices outstanding greater than 180 days may be assessed service charges determined by the vice chancellor for business, finance and business development
	*Retainage balances are exempted from this procedure		*Retainage balances are exempted from this procedure
	===Write-off of Delinquent Balances===		===Write-off of Delinquent Balances===
	Delinquent balances greater than ~~240~~ days will be written off from the A/R system. Write-offs must be submitted to the vice chancellor for business, finance and business development for approval. The vice chancellor will determine if written off balances will be:		Delinquent balances greater than 365 days will be written off from the A/R system. Write-offs must be submitted to the vice chancellor for business, finance and business development for approval. The vice chancellor will determine if written off balances will be:
	*Assessed service charges		*Assessed service charges
	*Turned over to campus legal counsel		*Turned over to campus legal counsel

Afaylor: http://wiki.unmc.edu/images/9/9f/SampleInvoice.pdf replace with https://wiki.unmc.edu/images/e/e1/Sample-AR-invoice.pdf per Dorothy Panowicz request

2022-03-08T22:55:05Z

http://wiki.unmc.edu/images/9/9f/SampleInvoice.pdf replace with https://wiki.unmc.edu/images/e/e1/Sample-AR-invoice.pdf per Dorothy Panowicz request

← Older revision		Revision as of 17:55, March 8, 2022
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	'''Invoice:''' A UNMC Accounts Receivable document generated from UNMC Management Resources System provided to an entity describing the products/services provided, the amount due and the requested date for payment.<br />		'''Invoice:''' A UNMC Accounts Receivable document generated from UNMC Management Resources System provided to an entity describing the products/services provided, the amount due and the requested date for payment.<br />

	[~~http~~://wiki.unmc.edu/images/9/9f/~~SampleInvoice~~.pdf Sample Invoice]		[https://wiki.unmc.edu/images/e/e1/Sample-AR-invoice.pdf Sample Invoice]
	==Policy==		==Policy==
	Invoices are to be created within the UNMC Management Resources system. Billers using the system submit their invoice detail online, assign a cost object and G/L account to the invoice for deposit purposes (posting to SAP) and attach supporting documentation as needed for the customer to process/remit payment to UNMC.<br />		Invoices are to be created within the UNMC Management Resources system. Billers using the system submit their invoice detail online, assign a cost object and G/L account to the invoice for deposit purposes (posting to SAP) and attach supporting documentation as needed for the customer to process/remit payment to UNMC.<br />

Dpanowic at 20:29, March 8, 2022

2022-03-08T20:29:48Z

← Older revision		Revision as of 15:29, March 8, 2022
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	[http://wiki.unmc.edu/images/9/9f/SampleInvoice.pdf Sample Invoice]		[http://wiki.unmc.edu/images/9/9f/SampleInvoice.pdf Sample Invoice]
	==Policy==		==Policy==
	Invoices are to be created within the UNMC Management Resources system. Billers using the system submit their invoice detail online, assign a cost object and G/L account to the invoice for deposit purposes (posting to SAP), and attach supporting documentation as needed for the customer to process/remit payment to UNMC.<br />		Invoices are to be created within the UNMC Management Resources system. Billers using the system submit their invoice detail online, assign a cost object and G/L account to the invoice for deposit purposes (posting to SAP) and attach supporting documentation as needed for the customer to process/remit payment to UNMC.<br />

	The intent of this system is only for '''external''' customers. External customers are defined as entities located off UNMC’s campus and not part of the University of Nebraska system. Examples include Creighton University, the Veterans Administration (and other federal governmental agencies), Methodist Hospital, and Omaha Public Schools.<br />		The intent of this system is only for '''external''' customers. External customers are defined as entities located off UNMC’s campus and not part of the University of Nebraska system. Examples include Creighton University, the Veterans Administration (and other federal governmental agencies), Methodist Hospital and Omaha Public Schools.<br />

	Internal charges by UNMC Departments and Intercampus billings that can be addressed via SAP journal entry are transactions not to be accounted for using the A/R subsystem. UNMC departmental billing phone charges, dietary tickets, printing services and intercampus tuition billings (billed via SAP journal entry) are examples.<br />		Internal charges by UNMC Departments and Intercampus billings that can be addressed via SAP journal entry are transactions not to be accounted for using the A/R subsystem. UNMC departmental billing phone charges, dietary tickets, printing services and intercampus tuition billings (billed via SAP journal entry) are examples.<br />

	State agencies with invoices paid via Interagency Billing Transfer (IBT) qualify as external customers that should be billed through the A/R system. Examples would include the Nebraska Department of Health & Human Services, Medically Handicapped Children’s Service, the Nebraska Department of Education, and other state agencies receiving state funding that clear invoices using IBTs.<br />		State agencies with invoices paid via Interagency Billing Transfer (IBT) qualify as external customers that should be billed through the A/R system. Examples would include the Nebraska Department of Health & Human Services, Medically Handicapped Children’s Service, the Nebraska Department of Education and other state agencies receiving state funding that clear invoices using IBTs.<br />

	Departments are responsible for generating accurate, timely invoices to external customers for non-sponsored receivables. Sponsored Programs Accounting (SPA) is responsible for generating accurate, timely invoices to external customers for sponsored receivables.<br />		Departments are responsible for generating accurate, timely invoices to external customers for non-sponsored receivables. Sponsored Programs Accounting (SPA) is responsible for generating accurate, timely invoices to external customers for sponsored receivables.<br />

Dpanowic at 19:42, March 8, 2022

2022-03-08T19:42:16Z

← Older revision		Revision as of 14:42, March 8, 2022
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	*Retainage balances are exempted from this procedure		*Retainage balances are exempted from this procedure
	===Write-off of Delinquent Balances===		===Write-off of Delinquent Balances===
	*Delinquent balances greater than 240 days will be written off from the A/R system. Write-offs must be submitted to the vice chancellor for business, finance and business development for approval. The vice chancellor will determine if written off balances will be:		Delinquent balances greater than 240 days will be written off from the A/R system. Write-offs must be submitted to the vice chancellor for business, finance and business development for approval. The vice chancellor will determine if written off balances will be:
	:*Assessed service charges		*Assessed service charges
	:*Turned over to campus legal counsel		*Turned over to campus legal counsel
	:*Turned over to a collection agency		*Turned over to a collection agency
	:*Retained by UNMC General Accounting Office		*Retained by UNMC General Accounting Office
	==Non-compliance==		==Non-compliance==
	Payments received by UNMC outside of this policy (not invoiced via the UNMC Management Resources system) may not be recorded to departmental accounts in a timely manner. Complications arise when electronic payments are received with no supporting backup.		Payments received by UNMC outside of this policy (not invoiced via the UNMC Management Resources system) may not be recorded to departmental accounts in a timely manner. Complications arise when electronic payments are received with no supporting backup.

Dpanowic at 19:38, March 8, 2022

2022-03-08T19:38:13Z

← Older revision		Revision as of 14:38, March 8, 2022
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	==Definitions==		==Definitions==
	'''Accounts Receivable (A/R):''' Money owed by entities to UNMC from the sale of products and/or services provided.<br />		'''Accounts Receivable (A/R):''' Money owed by entities to UNMC from the sale of products and/or services provided.<br />
	~~<br />~~
	'''Biller:''' The person submitting the details to be invoiced (products/services rendered, amount, cost object and G/L account to credit money once collected, along with any supporting documentation and special instructions for invoicing).<br />		'''Biller:''' The person submitting the details to be invoiced (products/services rendered, amount, cost object and G/L account to credit money once collected, along with any supporting documentation and special instructions for invoicing).<br />
	~~<br />~~
	'''Invoice:''' A UNMC Accounts Receivable document generated from UNMC Management Resources System provided to an entity describing the products/services provided, the amount due and the requested date for payment.<br />		'''Invoice:''' A UNMC Accounts Receivable document generated from UNMC Management Resources System provided to an entity describing the products/services provided, the amount due and the requested date for payment.<br />
	~~<br />~~
	[http://wiki.unmc.edu/images/9/9f/SampleInvoice.pdf Sample Invoice]		[http://wiki.unmc.edu/images/9/9f/SampleInvoice.pdf Sample Invoice]
	==Policy==		==Policy==

Dpanowic at 19:33, March 8, 2022

2022-03-08T19:33:50Z

Show changes

Dpanowic at 15:51, December 7, 2021

2021-12-07T15:51:58Z

← Older revision		Revision as of 10:51, December 7, 2021
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	==Collection and Write-off of Delinquent Balances==		==Collection and Write-off of Delinquent Balances==
	===Collection Procedures for Invoices Outstanding===		===Collection Procedures for Invoices Outstanding===
	*greater than 30 days – A/R ~~staff~~ will send second request billing to ~~vendor~~		*greater than 30 days – A/R biller will send second request billing to customer
	*greater than 60 days – A/R ~~staff~~ will communicate with ~~biller~~ to determine who will follow up with ~~vendor~~		*greater than 60 days – A/R biller will communicate with A/R Staff to determine who will follow up with customer
	*greater than 180 days – A/R will send a revised invoice with service charges to ~~vendor~~		*greater than 180 days – A/R staff will send a revised invoice with service charges to customer
	:*Invoices outstanding greater than 180 days will be assessed service charges at the rate of 16% per annum from the invoice due date		:*Invoices outstanding greater than 180 days will be assessed service charges at the rate of 16% per annum from the invoice due date
	===Write-off of Delinquent Balances===		===Write-off of Delinquent Balances===

Afaylor: remove | Electric Scooter from Business Operations menu

2019-08-02T17:40:34Z

remove | Electric Scooter from Business Operations menu

← Older revision		Revision as of 12:40, August 2, 2019
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	</table>		</table>
	<br />		<br />
	[[General Accounting]] \| [[SBIR/STTR Program Participation]] \| [[Supplemental Compensation Plan]] \| [[Facilities Management/Planning]] \| [[Purchasing]] \| [[Public Affairs]] \| [[Facility Identification]] \| [[Serving Alcoholic Beverages]] \| [[Travel and Reimbursement]] \| [[State Vehicles]] \| [[Reproducing Copyrighted Materials]] \| [[Bank Card Processing]] \| [[Student Training Agreement]] \| [[Volunteer]] \| [[Cash Handling]] \| [[Fraud]] \| [[Assigning Research Lab Space]] \| [[Space Scheduling and Fundraising]] \| [[Academic Personnel Records]] \| [[Cellular Phone]] \| [[Off-campus Graphic Design and Related Printing]] \| [[Off-campus Photography]] \| [[Tax Exempt Financing and Tracking of Both Qualified Use and Non-Qualified Use of Research Space]] \| [[Secondary Logos]] \| [[Social Media]] \| [[Sensitive Equipment Tracking]] \| [[International Visitors]] \| [[Accounts Receivable Management]] \| [[Internal Audit]] \| [[Regulations on the Use of University Facilities and Grounds~~]] \| [[Electric Scooter~~]]		[[General Accounting]] \| [[SBIR/STTR Program Participation]] \| [[Supplemental Compensation Plan]] \| [[Facilities Management/Planning]] \| [[Purchasing]] \| [[Public Affairs]] \| [[Facility Identification]] \| [[Serving Alcoholic Beverages]] \| [[Travel and Reimbursement]] \| [[State Vehicles]] \| [[Reproducing Copyrighted Materials]] \| [[Bank Card Processing]] \| [[Student Training Agreement]] \| [[Volunteer]] \| [[Cash Handling]] \| [[Fraud]] \| [[Assigning Research Lab Space]] \| [[Space Scheduling and Fundraising]] \| [[Academic Personnel Records]] \| [[Cellular Phone]] \| [[Off-campus Graphic Design and Related Printing]] \| [[Off-campus Photography]] \| [[Tax Exempt Financing and Tracking of Both Qualified Use and Non-Qualified Use of Research Space]] \| [[Secondary Logos]] \| [[Social Media]] \| [[Sensitive Equipment Tracking]] \| [[International Visitors]] \| [[Accounts Receivable Management]] \| [[Internal Audit]] \| [[Regulations on the Use of University Facilities and Grounds]]
	<br /><br />		<br /><br />
	Policy No.: '''6084'''<br />		Policy No.: '''6084'''<br />