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Sponsored Accounts Receivable Receivable Accounts What are they for? How are they used? Why should I care? Billable Awards For each billable award, a separate and unique receivable account is established Subledger convention: Fxxx – Federal Sxxx – Statutory Nxxx – Non-Government

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Presentation Transcript

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Receivable Accounts

  • What are they for?

  • How are they used?

  • Why should I care?


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Billable Awards

For each billable award, a separate and unique receivable account is established

Subledger convention:

Fxxx – Federal

Sxxx – Statutory

Nxxx – Non-Government


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Non-Billable Awards

Generic Receivables:

  • Endowed accounts – G29-(F)(S)(N)xxx

  • Statutory accounts – 729-(F)(S)(N)xxx


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Receivable Account Numbers

  • The receivable account tied to each award account can be found in the ACC-REC-NUM field of the main award account

  • Non-generic receivable account information (for billable awards) can also be found in the SPS Portal


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Recording a Receivable

For every invoice that is produced:

The main award account is credited (shows as revenue)

The associated receivable account is debited (shows as expense)


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Recording a Payment

For each payment that comes in for a billed receivable:

The receivable is credited (shows as revenue)

A bank or clearing account is debited


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Calculating Cash Received

To calculate the amount of funds actually

received on an award:

Combine the revenue total on the main award account (plus any sub-accounts) with the receivable account balance




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Cash Receipts

Payments by check – mostly non-government entities:

  • Received at Tompkins County Trust Company SPS Lockbox: PO Box 22, Ithaca, NY 14851-0022

  • Received by DFA or SPS

  • Received by departments


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Cash Receipts (cont’d)

Checks received by or forwarded to DFA by departments or sent directly to the SPS lockbox:

  • Processed as one daily batch by TCTC

  • Distributed to proper accounts via JEMS journal entries – not as regular receipts – by SPS-Financial


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Electronic Payments

Automated Clearing House (ACH) – mostly federal agencies:

  • Daily transmittal of electronic payment information by TCTC

  • Not unique to SPS; ACH payments for the entire university are recorded in one daily batch

  • Distributed by SPS-Financial via JEMS journals

  • Main Advantage: Fast payment

  • Main Disadvantage: Difficult to identify


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NYS ACH Electronic Payments

  • Used by most state agencies

  • Daily notification of activity

  • Not unique to Sponsored activity

  • Distributed via JEMS journal by Unrestricted Funds


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Foreign Payments

  • Checks drawn on foreign currency

  • Foreign wires

    • Both are handled by Cash Management

    • Bank fees may apply

      • Charged to award unless closed


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Payments Without a Home

  • Payments received for new awards whose accounts have not yet been established

    • Funds are placed into a holding account until the award account is set up

  • Payments received that can’t be identified by SPS-Financial

    • Funds are placed into Cashier’s Unidentified Receipts


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Past-Due Receivables

All invoices for which payment has been outstanding for over 90 days are considered delinquent and receive follow-up action by SPS-Financial


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Common Reasons for Delinquency

  • Lost invoice

  • Bureaucratic red-tape

    • Approval issues

    • Systems issues

  • Agency staff turnover

  • Additional back-up/explanation required

  • Missing/late deliverables

  • Waiting for funding from prime sponsor

  • Inability to pay – financial problems


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Department Notification

  • Monthly account reports, BRIO queries

  • Direct contact from SPS – Financial

  • Quarterly Receivable Report



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Accounts in Default

Recourses:

  • Pressure sponsor via phone calls and letters from DFA

  • Involve PI and department/college administration

  • Involve Counsel’s Office in collection effort

  • Flag sponsor in portal


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What can YOU do?

  • Notify SFS-Financial of any known issues which could delay payment significantly

  • Be aware of requirements and contingencies

  • Help assure that all technical deliverables and required back-up documentation is submitted in a timely manner

  • Understand the risk involved with each award, particularly when dealing with smaller companies or companies with unknown track records at the university


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