Finance Section: Accounts Receivable (Financial Control)
Introduction
The Accounts Receivable team reports to the Finance Operations Manager in the Financial Control section of the Finance Office.
To view the staff structure for Accounts Receivable - Finance Office Organisation Chart.
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Overview
Accounts Receivable is responsible for processing all income received by the University and entering it into the SAP accounting system via the Sales & Distribution (SD) and Accounts Receivable (AR) modules. The team advises departments on best practice.
Departments are advised to raise sales orders and billing documents in the SD module of SAP. This provides debtor and cash planning information and maximises available narrative for initiating departments about income received. Further advantages are that turnover and payment data can be monitored by customer, and an important role of the Accounts Receivable team is to maintain the Customer Master Records, of which there are in excess of 20,000.
Income may be received in cash, by cheque, credit card, by BACS or via the Internet. Electronic payment is preferred because it is the most efficient, safe and cost effective method. Departments must forward remittance advices to Accounts Receivable to allow payments received to be accurately allocated.
Credit control for all non-student debts is also carried out in Accounts Receivable, primarily by the Credit Controller and Finance Assistants. This is a service provided for the University as a whole to avoid the risk of delayed payments and bad debts but its effectiveness depends on a high level of departmental co-operation. Debt reports are provided regularly for managerial scrutiny. New and long-standing customers must be vetted for credit worthiness.
Accounts Receivable forms
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Petty Cash - Section 15.25 of Financial Procedure 15 - Purchasing