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Accounts Receivable and Deposits

Accounts Receivable and Deposits

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Accounts Receivable and Deposits

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  1. Accounts Receivable and Deposits Health Science Center Office of Finance & Administration Paula H. Cadena (979) 436-9236 pcadena@tamhsc.edu

  2. Objectives • Explain basic Accounts Receivable process at HSC • Review screens utilized for Accounts Receivable inquiry • Explain basic deposits process at HSC • Review System Policy regarding cash handling

  3. Accounts Receivable Process-Customer Set up • There are two customer set up forms on the web site • TAMUS Components and Employee Customers • Non-TAMUS Components and Customers—need customer signature • Required information for customer setup: • Customer Name • Billing Address • Telephone Number • Billing Account (revenue account)

  4. Accounts Receivable Process-Customer Set up (cont’d) • Customer Types • CP—Corporation; IN—Individual; NP—Non-Profit; OG—Other Government; PT—Other TAMUS System Part; RF—Research Foundation • You may check screen 603 in FAMIS to verify if a customer has been established • Email completed set up form to pcadena@tamhsc.eduor drop into laser fiche (9.0 In-Boxes; A/R & Sponsored Projects)

  5. Invoice Set up • Complete Accounts Receivable Setup Form and email to me or drop into laser fiche (9.0 In-Boxes; A/R & Sponsored Projects) • Revenue codes can be found on screen 806 in FAMIS • You will mail your standard invoices to your customers; please number with the invoice number sequence provided; invoice number on bill and in FAMIS should be the same • The invoice that is sent to the customer and the invoice that is set up in FAMIS should be for the same amount

  6. Invoice Set up (con’t) • Please instruct customer to send payments to: Texas A&M Health Science Center, 200 Technology Way, Suite 2079, College Station, TX 77845

  7. Account Receivable Adjustments • Complete Accounts Receivable Adjustment Form • Key point to remember: • “C” to reduce invoice amount • “D” to increase invoice amount • Email completed form to me or drop into laser fiche (9.0 In-Boxes; A/R & Sponsored Projects)

  8. Miscellaneous • Monthly Aged Accounts Receivable report • Scanned and sent to departments via email • Send collection status on any accounts receivable 90 days past due to me • Past due letters • Generated by FAMIS based on the “Sale Date” • Sent to departments via campus mail for you to distribute as you deem appropriate

  9. FAMIS Inquiry Screens for A/R • M60 – A/R Menu Screen • *----------Inquiry------------* • 602 Customer Name Search • 605 Customer System Information • 632 Invoices by Customer • 633 Invoices by Billing Department • 634 Invoice Line Items by Account • 635 Invoice Display • 636 Invoice Line Item Display • 637 Invoices by Invoice Number • 638 Invoices by SPR Project

  10. Questions • What is an accounts receivable? • Should all invoices be set up as a receivable in FAMIS? • When should departments notify Finance & Administration about a receivable? • How should receivables be tracked by departments? • Should departments create their own invoices?

  11. Questions (cont’d) • Should departments send a copy of the invoice to Finance & Administration when they send the original to the vendor? • When making a deposit related to a receivable, what kind of documentation does Finance & Administration need to match that deposit to an invoice in FAMIS?

  12. Cash Deposit Procedures

  13. Deposits • 3 Types • A/R Payments • Sales - Non-A/R Payments • Refund of Expense • Regardless of deposit type, complete Receipt for Cash Sales for all incoming monies • If payment of A/R invoice, write invoice number on Receipt for Cash Sales. This information will be used to apply payment in FAMIS to the outstanding invoice.

  14. Deposits (cont’d) • Sales—Non A/R Payments • Complete Receipt for Cash SalesandInterdepartmental Transfer or Cash Deposit • Refund of Expense (“DFE”) • Complete Receipt for Cash Sales and send with check to Jenny Caddel in Accounts Payable • Write voucher number on receipt or check stub so that Jenny will know how to research and post the refund • You can also attach a screen print of 168 to identify the voucher related to the refund

  15. Deposits (cont’d) • IDT—Interdepartmental Transfers • IDTs are not allowed on: • 137XXX • 183XXX • 184XXX • 185XXX • 23XXXX • 940100-XXXXX • 4XXXXX • You will be able to check the posting of the A/R payments in FAMIS via the inquiry screens or when you get your Aged A/R report

  16. Cash Handling Regulations – System Requirements • System Policy 21.01.02 • Key items: • Official receipt must be written for each remittance • You will want to document when your deposit is delivered to the bank • All deposits are to be made daily. • Deposits must be made whenever the amount on hand reaches $200.00 and at least every three business days • Immediately upon receipt, checks must be restrictively endorsed “For Deposit Only”

  17. Cash Handling Regulations – System Requirements (cont’d) • If a deposit of cash will take you over $2,500.00 for the day, you must send your customer to 200 Technology Way, Suite 2079, to make the payment. • http://tamus.edu/offices/policy/policies/pdf/21-01-02.pdf

  18. Cash Deposit Procedures- A/R Payments & Sales • Step 1: Total the currency, coins and check amounts • Detailed instructions can be found at “How do I prepare a Deposit” file on Accounts Receivable website

  19. Cash Deposit Procedures- A/R Payments & Sales • Step 2: Batching & bagging the deposit • Place currency and bank deposit slip (original – white copy) on top of banded checks & rubber band the entire package. • The other two slips (pink and yellow copy) should be retained for the department’s records • Place the deposit in the plastic tamper-proof bag and fill out below information on the bag: • To: Wells Fargo • From: Department Name • Amount: Total Deposit • Write the date from the deposit slip on the bag

  20. Cash Deposit Procedures- A/R Payments & Sales • Step 3: Send deposit bag to Wells Fargo • Wells Fargo locations at College Station/Bryan area: • -321 University Drive, College Station • -1801 Rock Prairie Road, College Station • -200 Southwest Pkwy E, College Station • -3000 Briarcrest Drive, Bryan • -501 N. Harvey Mitchell Parkway, Bryan

  21. Cash Deposit Procedures- A/R Payments & Sales • Step 4: Scan the deposit documentation and drop into Laserfiche folder • Scan the backup in the order of • Deposit Slip • IDT/Cash Deposit Form • Receipt for Cash Sales • Please name your file as follows: DEPT xxxx (Dept. 4-digit code) DEPOSIT mm/dd/yy. (e.g. DEPT 4100 DEPOSIT 09/29/10) • Drop file into LF Folder: TAMHSC\9.0 In-Boxes\A/R & Sponsored Projects

  22. Cash Deposit Procedures- A/R Payments & Sales • Step 4: Scan the deposit documentation and drop into Laserfiche folder (cont’d) • If you have more than one IDT/Cash deposit form for your deposit, be sure to scan the corresponding Receipts for Cash Sales after each IDT/Cash Deposit. • For A/R Payments deposit, you will only have a Receipt for Cash Sales with the invoice number notated on it. • You should keep a copy of the deposit file until the monthly reconciliation of your account has been performed.

  23. Cash Deposit Procedures- Refund of Expense • Refund of Expense (“DFE” – Deduction from Expense) • Money received for refund of prior expense that was paid through voucher • Complete Receipt for Cash Sales • Write voucher number on receipt or check stub • Attach copy of screen 168 • Attach cash/checks with Receipt and send to F&A Jenny Caddel (Accounts Payable). AP must have the actual check in order to process the DFE.

  24. Cash Sales Receipt Example – A/R Payment Customer address needs to be entered Receipt needs to be signed

  25. Cash Sales Receipt Example - Sales / Non-A/R Payments Customer address needs to be entered Receipt needs to be signed

  26. IDT/Cash Deposit Form Example Check FAMIS screen 806 for appropriate sub-code Enter Cash Sales Receipt # here Scan White copy of IDT, and keep Yellow copy as your record

  27. Accounts Receivable Contacts • Cindy Quarles, Financial Accountant III (979) 436-9237 cmquarles@tamhsc.edu • Paula H. Cadena, Assistant Financial Manager (979) 436-9236 pcadena@tamhsc.edu

  28. Conclusion • Any questions?