The Accounts Receivable module interrelates with Accounts Payable, Grants and General Ledger modules.
It is essential that all customer / Internal Trading invoices are processed in the correct accounting period and all receipts are identified and applied to outstanding invoices.
|Tasks required||Final Date for completion||Y|
|Complete Cash Holding Confirmation form for all petty cash, till floats and advance balances as at 30 June||Fri 15 Jul|
|Empty all vending machines and identify cash/cheques received up to end of July 2016||Fri 29 Jul|
|Process all cash/cheques and PDQ income up to end of 31 July 2016||Tue 2 Aug|
|Run and review Unapplied Receipts Register||Tue 2 Aug|
|Raise / dispatch all 2015/16 internal trading invoices||Wed 10 Aug|
|Run Ageing -7 Buckets report and review bad debts||Mon 15 Aug|
|Receipt – BACS/bank transfers or PDQ income||Tue 16 Aug|
|Raise, complete and dispatch all external invoices||Tue 16 Aug|
|Run and review Incomplete Invoices Report||Tue 16 Aug|
|AR module closes at 5pm||Tue 16 Aug|
In case of queries please contact the Accounts Receivable Helpdesk
Accounts Receivable module
The Accounts Receivable module will not open for the August period until Monday 8 August 2016. You will not be able to raise August dated invoices until after this date; the delayed opening date will allow departmental accounts staff to concentrate on the closing of the July period which closes on Tuesday 16 August.
Confirmation of petty cash, till floats and advance balances
Cash and cheque receipts
Identify all monies received up to close of business on 31 July 2016, whether received via the post or over the counter. This will include monies from the emptying of all vending machines, pay phones, key deposits and photocopier sales etc.
Departments should continue to bank cash and cheques received in relation to the new financial year but will not be able to enter receipt batches on UFS until 8 August, when the AR module is opened for the new financial year.
For all Accounts Receivable transactions please ensure the correct dates are used:
Receipt batches, receipts and transactions relating to the old financial year must have both receipt/transaction dates and GL dates of JUL-16.
Receipt batches, receipts and transactions relating to the new financial year must have both receipt/transaction dates and GL dates of AUG-16.
Complete all receipt batches for cash, cheques (and if possible PDQ transactions) received by the ‘University’ on or before 31 July 2016, using an accounting date of July 2016.
NB. All cheques need to be dated July 2016 or earlier.
Run the Receipt Register Report (UFS) for each receipt batch and bank as normal
NB. It may be that your first visit to the Cashier after the year-end includes two receipt forms, one for each year. This is expected and acceptable.
Run the Unapplied Receipts Register report to see where receipts have not been matched to an invoice. Apply receipts created against customers to clear outstanding invoices as necessary.
Review for bad debts
- Run the Ageing–7 Buckets–by Account Report (UFS) and review for doubtful/irrecoverable debtor items.
- Notify Credit Control on any such debtors : firstname.lastname@example.org
BACS receipts, bank transfers and unclaimed PDQ receipts
Please ensure that all income is claimed and receipted from the twice weekly BACS list that we distribute for GBP, EURO and US Dollars, before we close AR. Claim all July or earlier BACS and any previously unclaimed PDQ bank deposits and counter credits, by receipting them in the usual way. Ensure you use a July 2016 receipt and GL date.
Internal AR invoices
|Invoices for 2015-16||
To be raised with both an invoice date and a GL date of July 2016 and dispatched to departments by 10 August.
NB. Internal trading AR invoices should wherever possible be raised in relation to the period up to 31 July so that the paying department recognises the charge in full in 2015-16.
Therefore, departments are encouraged to raise their sales invoices as soon as possible to allow time for the receiving department to process them.
|Invoices for Aug 16||
These may not to be raised until after the close of the AR module for the current financial year.
NB. As Internal Trading invoice and credit memo transaction types for 2016/17 should not be raised until after the close of July accounts users will be temporarily disabled from raising internal sales invoices from 10 August (5pm) to 16 August 2016. Therefore, 17 August will be the first possible invoice date.
External Invoicing - all departments
- Ensure that all external sales invoices, together with credit memos, have been raised in order to record all income due and all monies owed to the department.
- Run Incomplete Invoices Report to check there are no un-posted invoices.
See ‘Debtors’ (section 3.8) if the final date for AR invoices has been missed.
Invoicing - departments with interfaces
Review all AR invoices pulled into the Accounts Receivable module through the Auto-Invoice process to ensure no errors are found. Make adjustments if these invoices need to be dated 31 July or earlier.