Accounts Receivable Defined • Represents money which is owed to the University from a customer for products and services provided to the customer on credit • Examples: any product sales, sponsorships, advertising, rent, conference registrations, Contracts & Grants • FIS Accounts Receivable module used to invoice external customers • Internal Billing or Service Billing used to invoice other IU departments
IU Policy I-490 • IU departments billing for goods and services MUST use FIS A/R unless pre-approved independent A/R system • A/R balances over 12 months old without productive activity are to be written off • Year end reporting requirements • Total credit sales for the year • June 30 Aged Receivable Report • Write-off Report Link to policy: http://www.indiana.edu/~vpcfo/policies/accounting/i-490.html
Introduction to the FIS AR System • Module in the FIS • Non-Student Receivables • Three docs – Invoice (INV), Credit Memo (CRM), Customer (CUS) • Accounting entries generated by system • Payment received by the lockbox – no payment handling
Who to bill? External customers that pay by check, credit card or wire Examples IU Foundation Conference registrations Outside entities Who can use FIS AR? Any University dept that bills outside entities Requirements: FIS access Training by AR staff Users: over 150 orgs including SPEA, Sch of Music, PARK, EDUC, Motor Pool, FIS A/R System Uses
Invoices are created in the FIS and accounting entries are recorded in the General Ledger the next day User friendly and accommodates sub-accounting Campus processing organization applies all payments Minimizes cash receipt points to comply with Treasury’s Revenue Processing Policy Accepts cash, check, credit card and wire payments Receivables are easily tracked through FIS and IUIE Reports FIS AR Real Time Aged Receivable report 23,000+ customer base that is increasing dailywhich can be auto-uploaded from departmental systems after transition to Kuali FIS AR Benefits
Processing Org One for each campus using the AR system Apply payments Reconcile clearing accounts Set up new billing orgs Billing Org Each department that bills Print and mail invoices Monthly analysis of receivables Responsible for collection of invoices Write–off of un-collectible invoices Processing and Billing Orgs
IUIE AR Reports • Invoice Summary – Listing of all invoices open and paid for selected time period • Aged Receivable by Customer or Chart-Org • Invoice Payment History by Customer or Chart-Org • Customer Billing Statement – excellent collection tool !!
More Information • FIS A/R Web Page (next screen) • FIS A/R Training Class to be held in February or March – watch for e-mail announcement from FMS Training • A/R e-mail list is used for communicating information relevant to FIS Accounts Receivable system. Sign-up through FIS A/R web page after training.
FIS AR Web Page http://www.fms.indiana.edu/ar/
Contacts on the Bloomington Campus • Accounts Receivable Supervisor Kathy Cochard 855-8033 • Accounts Receivable Coordinator Martha Barnhill 855-5704 • Contracts & Grants AR Contact Tereasa West 855-7079