It is the policy of Virginia Tech that all receivables are to be processed through the university's central receivable system that is managed by the Office of the University Bursar (OUB). While there are efficiencies gained by using a central system, there are circumstances under which it is reasonable for a department to have decentralized receivables. A department or unit that wishes to manage receivables, and can provide evidence of efficiencies and the ability to comply with state and university guidelines, whether through an automated or manual system, must get permission from the University Controller. This permission is necessary prior to purchasing software or hardware for such a system. This document is intended to define what is necessary in order to meet state and university guidelines for handling receivables.
Refer to Policy 3605 (PDF)
The Office of the University Bursar (OUB) is responsible for:
- Providing accounts receivables policies, procedures and guidelines.
- Providing functional assistance regarding accounting for receivables.
- Preparing quarterly reports for the Controller's Office.
- Monitoring and analyzing the receivables of the university.
- Ascertaining that state and university guidelines are followed as well as the Fair Debt Act.
Departments using the university receivable system are responsible for:
- Sending charges according to agreed upon method, i.e. a flat file, or entering charges directly in TZAMASS on a daily or weekly basis.
- Notify OUB of the file and amount on the same day it is sent to OUB.
- Notifying OUB of adjustments prior to the monthly billing that occurs on the 15th of each month. Pending financial aid credit(s) may be reflected on a student bill for no more than 60 days from billing date the aid first appeared on the student's account.
- Notifying OUB of any disputes on accounts being billed for department in a timely manner.
- Notifying OUB of any payment received by the department before disposition of payment.
- Reconciling departmental records of charges with A/R and Banner Finance monthly.
- Responding to inquiries from OUB regarding receivables within 48 hours.
- Requesting and reviewing A/R reports related to departmental charges, i.e. an Aging
Report (TZRAGNG), Charge and Payment Reports (TZRCBPC).
- Maintain original documentation of charges in a current file located in office until account is paid in full.
- General Receivables- Continuing Education (CEC), Pharmacy, Catering, Virginia Tech Information Center (VTIC), Library Fines, etc.
- Short Term Loan Receivables - Short-term loans to granted by the Office of Scholarships and Financial Aid.
- Petty Cash Receivables -Change fund petty cash account and disbursement petty cash fund.
- Student Receivables - Tuition, fees, and room and board and other miscellaneous charges for student-related expenses assessed by various university departments.
- Travel Loans Receivables - Loans made to faculty and staff who plan to travel and need cash in addition to the corporate credit card.
- Communication Network Services (CNS) Receivables - Responsible for student telecommunications.
- Parking Receivables - Generated by the Parking Services Office .
- Veterinary Medicine Hospital (Vet Med) Receivables - From the College of Veterinary Medicine for services rendered to the patients of the teaching facility.
- The Equine Medical Center (EMC) Receivables - Arise from the care of the many horses treated there.
- Electric Service (ES) - Responsible for providing power for the campus and part of the town of Blacksburg.
Minimum Credit Information
Departments should obtain the following minimum prescribed information on prospective debtors, whenever possible:
- Full name and any previous name (s), if applicable
- Home and office address for the past two years
- Telephone numbers for home and place of employment
- Federal Employer ID number
- Social Security number for individuals or sole proprietorships contracting with the university
- For other individuals, social security number and/or driver's license number (may be requested but not required)
- Place and type of employment and employer's address and previous employer if less than two years in present job.