Post on 05-Mar-2018
MANAGING ACCOUNTS RECEIVABLEOPAFS ForumApril 21, 2015
Agenda
Understanding the General Ledger
Accounts receivable tools
Shared collections process
Agenda
Money comes in different ways. Today is about those we invoice, typically: Private contracts Federal flow thrus Some Federal awards
Understanding the General Ledger
Review Chart of Accounts (COA) Report General Ledger Trial Balance
Chart Query ReportFinancialLink Reports Chart of Account Reports Chart Query Report
General Ledger Trial BalanceFinancialLink Reports Ledger and Detail Reports General Ledger Trial Bal
Accounts to use when running the General
Ledger Transaction
General Ledger TransactionsFinancialLink Reports Ledger and Detail Reports General Ledger Transactions
General Ledger TransactionsInvoices Posted
When the invoice is posted to the ledger, the financial entries are:Debit – Billed A/R (112615)Credit – Unbilled A/R (112678)
General Ledger TransactionsPaid and Unpaid Invoices
Invoice
When payment is received and posted to the ledger, the entries are:Debit Cash Credit Billed A/R (112615)
Payment
Total Unpaid
General Ledger TransactionsTotal Cash Received
General Ledger TransactionsTotal Cash Received
Total Cash Payments Received
Accounts Receivable Tools
Chart Query Report General Ledger Trial Bal General Ledger Transactions Sponsored Projects AR Aging Accounts Receivable Aging Accounts Receivable Transactions Payments Receivable
AR/AR Aging Queries
Sponsored Projects AR Aging
Sponsored Projects AR Aging
Sponsored Projects AR Aging
Sponsored Projects AR Aging
Sponsored Projects AR Aging
Accounts Receivable Transactions
Accounts Receivable Transactions
Accounts Receivable Transactions
Shared Collections Process
OPAFS Create and submit invoices timely and according to the terms and
conditions of the award
Follow up by 60 days outstanding with the sponsor
Communicate regularly with department if any potential payment issues
Escalate as needed
Process write off/bad debt entries
Shared Collections Process
Departments Work with OCGA to ensure clear billing terms and conditions prior
to agreement on the award. Try to get payment in full up front
Work with PI to ensure that he/she submits all necessary reports and documentation such as progress reports so payments are not delayed
As needed, review outstanding invoices (A/R) using the General Ledger Trial Balance, General Ledger Transaction and/or the AR Aging report in Financial Link
Ask your OPAFS accountant or use the Document Lookup Tool for any correspondence regarding A/R
If there is outstanding A/R, work with your PI to slow/stop work until payment resolution
http://blink.ucsd.edu/go/collections
Reminders
Please send a copy of Department prepared invoices to OPAFS Checks need to be made payable to “Regents of the University of
California” and sent to the Cashier’s Office at:Regents of the University of CaliforniaUCSD – Cashiers Office MC 00099500 Gilman Dr. La Jolla, CA 92093-0009
Do not send checks to OPAFS
Consult with your OPAFS Accountant on how to complete a deposit advice
Do not deposit to 637670 CASH RECEIPTS-EXPENDITURE CREDITS