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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
receivable accounts
Receivable Accounts
  • What are they for?
  • How are they used?
  • Why should I care?
billable awards
Billable Awards

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

Subledger convention:

Fxxx – Federal

Sxxx – Statutory

Nxxx – Non-Government

non billable awards
Non-Billable Awards

Generic Receivables:

  • Endowed accounts – G29-(F)(S)(N)xxx
  • Statutory accounts – 729-(F)(S)(N)xxx
receivable account numbers
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
recording a receivable
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)

recording a payment
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

calculating cash received
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

cash receipts
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
cash receipts cont d
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
electronic payments
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
nys ach electronic payments
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
foreign payments
Foreign Payments
  • Checks drawn on foreign currency
  • Foreign wires
    • Both are handled by Cash Management
    • Bank fees may apply
      • Charged to award unless closed
payments without a home
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
past due receivables
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

common reasons for delinquency
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
department notification
Department Notification
  • Monthly account reports, BRIO queries
  • Direct contact from SPS – Financial
  • Quarterly Receivable Report
accounts in default
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
what can you do
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