![]() The following procedures should be used at a minimum for collecting amounts due: It is the responsibility of each department to collect monies due to Kansas State University in the most effective and efficient manner. If full payment is not received the procedures outlined in .030 are to be followed.030 Departmental Collection Procedures If the department has approval to assess a finance charge, the amount and terms must also be disclosed on the statement. The payment due date is up to each department, but should allow sufficient time for the department to post the payment before the next billing cycle. The statement should indicate the total balance due and identify a payment due date. Statements are to be sent at least monthly to all customers who have an outstanding balance due. A monthly reconciliation is to be completed between the receivable records for the customers and the control ledger to ensure accuracy. The control ledger is to equal the receivable ledgers for all customers. The accounts receivable ledger is to be maintained for each account showing all charges and payments. ![]() The records to be maintained for each customer must include the complete name and address plus the social security number (when necessary), Federal Employer Identification Number (FEIN) or other taxpayer identification number.Īt the time of sale, a charge slip or invoice is to be provided to the customer. The sale is to be entered into an accounts receivable ledger for the customer and the total sales for the day are entered into a control ledger. Amounts covered by Interdepartmental Vouchers (IFVs) need not be included as receivables, even though the IFV credit has not yet appeared on the monthly departmental FIS statement.020 Records and General Receivable ProceduresĪccurate records are to be maintained on all accounts receivable. The State Department of Administration has established policies and procedures to be followed by all state agencies in the management, collection and reporting of accounts receivable.Īs used in this chapter, "accounts receivable" refers to amounts due from federal, state or local governmental agencies, from other funds within the same agency, and from firms, individuals or others which have been billed as a result of regular business transactions. 110 KSU Accounts Receivable Report Instructions. 080 Departmental Write-off Request Procedures. 060 Placing a Hold on Student Records for Non-Payment. 020 Records and General Receivable Procedures. Accounts Receivable Chapter 6210 Revised AugJanuary 20, 2023
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