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Accounts Receivable Management: Difference between revisions
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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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(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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==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 /> | ||
'''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 /> | ||
'''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 /> | ||
[ | [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) | 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 | 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 | 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 /> | ||
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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: | |||
*Assessed service charges | |||
*Turned over to campus legal counsel | |||
*Turned over to a collection agency | |||
*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. | ||