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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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