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Accounts Receivable Management: Difference between revisions
Accounts Receivable Management (view source)
Revision as of 14:11, February 14, 2023
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(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) |
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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: ''' | Revised Date: '''draft'''<br /> | ||
Reviewed Date: ''' | 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 | *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 | *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 | 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 | ||