![]() The Accounts Receivable Worksheets to be completed and submitted to Financial Services can be found on the Financial Services website.A proposed allowance for doubtful accounts receivable and the basis for the allowance.Current year and three-year history of the total dollar amount of accounts receivable and the amount written-off each year.A schedule of uncollectible accounts receivable that were written-off during the fiscal year.A schedule of customers with credit balances (customer has overpaid).A schedule of customers who have prepaid (unearned revenue) for future goods or services.Individual schedules detailing aged receivables by customer (one schedule for each account number).A memo signed by a dean, director, or department head, which summarizes the aged receivables by account number and object code.Information to provide includes any of the following that may apply: ![]() For the required fiscal year end reporting, University departments must record and report to Financial Services all outstanding accounts receivable as of June 30 of each fiscal year.For assistance, contact Year-End Reporting If a department needs more detailed information in regard to an ACH or wire, the Unclaimed ACH | Wires | Checks Report in UAccess Analytics is also available. When payments are received by ACH or wires, the department is responsible for claiming all payments in UAccess Financials, accessible from the Home screen under Accounting and Electronic Payment Claim.When the department receives payment via cash or check, a Cash Receipt should be completed un UAccess Financials with the appropriate account number and object code, referencing the invoice number in the description field, adding a copy of the invoice to the document, and forwarding the payment to the Bursar’s Office.Payments should generally be remitted directly to the billing department.For advice on methods for successfully collecting receivables or for information on collection agencies, contact the Bursar’s Office Accounts Receivable department. Departments should make reasonable attempts to collect outstanding receivables.The same information should be included as discussed above. Departments can also use the Invoice template.Sales tax or shipping and handling, if applicable.A description of the goods or services provided.The following information should be included on the custom invoice that will be sent to the customer: Departments can create a custom invoice.University departments are responsible for invoicing and collecting monies due for sales and services provided to non-University customers. If the department is selling a tangible or taxable item, refer to policy 8.11 Sales Tax.University departments are required to record and report to Financial Services all outstanding accounts receivable as of June 30 of each fiscal year to ensure compliance with GAAP as it relates to receivables.generally accepted accounting principles (GAAP) in the preparation of its annual financial statements. Write-Offs: Accounts receivable amounts that are deemed uncollectible and removed from accounts receivable once all collection efforts have been exhausted.External Customers: External parties who purchase and/or contract for goods or services from the University and pay with funds not already in the University financial system.Allowance for Doubtful Accounts: An estimate of the accounts receivable that will not be collected.Amounts owed by other departments are NOT considered as accounts receivable for financial statement purposes because these funds will remain within the University. The amount should be recorded as an asset and the associated revenue recognized in the proper fiscal year. Accounts Receivable: The amount of money owed to a department for goods or services that have been delivered or provided to external customers and payment is not immediately received.This policy does not apply to billing for activities within the Sponsored Projects account series (3xxxxxx or 4xxxxxx). This policy applies to all University locations and units, including all University extensions, satellite locations, and off-site campus units, both domestic and international. National Association of College and University Business Officers, Financial Accounting and Reporting Manual for Higher Education (FARM), including but not limited to ♣00 Scope SourceĪrizona Board of Regents Policy, including but not limited to 3-410 To provide policies and procedures for invoicing and recording accounts receivable for sales to external (non-University) customers for goods and services.
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