Reporting Receivables
General Information
- Each quarter end, the Controller's Office prepares a report on the total receivables of the university. The report is sent both to the State and to university management.
- All departments with decentralized receivables are required to report at least on a quarterly basis to either OUB or directly to the Controller's Office.
- While the actual report is prepared in Accounting, much of the input for the report comes from OUB. A letter is sent out by the Controller's Office after the end of each quarter with the deadlines for information submission. For example early in January of each year, a letter will be sent out for the reports related to quarter-end December of the prior year. An example letter is shown below.
- The report generated by OUB is an aging of receivables as of the end of the quarter. The current quarter is compared to the previous quarter and significant differences are explained. Differences to the same quarter last year are also explained, if significant.
- Reported results come from several reports generated from Banner A/R. There are five reports that are generated quarterly and used to complete the quarterly report.
Example Letter
TO: CEC, CNS, Athletics, Extension,Equine Center, Adult DayServices, Electric Service, Vet Med
FROM: Financial Reporting
DATE: January 3, 2002
SUBJECT: Accounts Receivable Reporting Schedule, Quarter Ending 12/31/01
Thank you all for your help meeting last quarters deadlines! Prompt response with this quarter's data will help provide internal administrative reports by their deadlines.
Wed, 01/02 Controller's Office mails out forms requesting accounts receivable information from outside departments for quarter ending December 31, 2001.
Wed, 01/16 All information on quarterly accounts receivable activity should be received in the Controller's Office by 5 p.m. The following areas must submit data on this date:
CEC Extension Electric Service
CNS - Telephone Equine Center Vet Med
Athletics Adult Day Services
Office of the University Bursar submits "Quarterly Activity and Aging Reports" along with all supporting documentation to the Controller's Office. (Student Accounts, General AR, Travel, Educational Loans, Sponsored Programs, Short-Term Loans, Tax Set-Off, etc.).
Monday, 01/21 Office of the University Bursar submits the "Perkins and HPSL Quarterly Report" and the Collection Agent Report to the Controller's Office.
Monday, 01/28 Preparation of "Accounts Receivable and Student Loans Receivable Report" is completed in the format required by the State Comptroller's Office and forwarded for review.
Monday, 02/04 The Manager of Financial Reporting and Associate Controller completes review of the Quarterly AR Reports.
Monday, 02/11 Preparation of "Accounts Receivable Management Report" is completed and forwarded to the Controller for review.
Friday, 02/15 Quarterly AR Report is sent to the State Comptroller's Office.
Please send all reporting material to the Controller's Office, Southgate Center.