University:
Boston University
Course:
CAS EC 531 | Market Structure and Industrial Organization
Academic year:

2023
Views:

469

Pages:

3
Author:

Mireya Brock

Process Guide: Accounts Receivable Accounts Receivable: Description • • Accounts Receivable (AR) is the process of: o Creating invoices, o Recording revenue, o Applying payments, and o Monitoring balances For sales and services rendered by University departments to external entities. Advantages • • • • Department visibility of customer payments and balances. Revenue is credited to the Department’s account after the invoice posts. Payments should be directed to Miscellaneous Receivables (MR) Lock box either by the Customer or the Boston University Department. Lock box payments are processed by MR and posted to Customer accounts on a daily basis. Detailed monthly status reports are available in the Business Warehouse (BW) Reporting tab under Accounts Receivable. Process Guide Create AR Invoice When to Use Department Submitter enters and saves charges for sales and services provided to organizations, companies, and individuals. The Department Submitter can click one of two buttons: • • Saved Parked Document for further processing or changes, Save as Completed and notify the Department Approver that an invoice has been saved as completed and is ready to be approved. Workflow is not available for AR. Before You Begin Department Submitter should ensure that: • • Goods or services have been provided. A Customer Record exists. If not, the Department Submitter should complete the Customer Master Data Form found on the BUworks Central Portal under the Finance tab. Aprove AR Invoice When to Use Department Approver reviews the invoice. They can then perform one of the following options: • • Change the invoice and approve, Approve without changes. When the invoice is posted/billed to the customer account, the revenue is recorded in the Department’s account. Before you Begin The Department Submitter has to click the Save as Completed button so the invoice is ready for review. Review BW Reports When to Use Department Administrators should review the various BW Accounts Receivable Reports and the Display Customer Line Items transaction to: • • • Monitor detail aging by customer, Follow up on outstanding receivables, Monitor what payments have been received. Before You Begin Know your customer account number. Print and Send Invoice to Customer When to Use Once the invoice has been approved, Miscellaneous Receivables will work with you to determine how your department would like the invoice to be sent. Please note, the invoice print program is run on a weekly basis. Before You Begin The invoice must be approved by the Department Approver. Monitor Customer Account When to use The Miscellaneous Receivables Department performs the following functions after the customer invoices are sent: • • • • Apply payments received, Monitor customer accounts, Send dunning notices, Send delinquent accounts to internal Boston University Collections, an external collections agency or an external attorney. Before You Begin The invoice should have been sent to the customer.

Process Guide: Accounts Receivable

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