These procedures ensure that accounts receivable are recorded accurately, completely, consistently and in a timely way within each business unit with proper internal controls in place.
They apply to all faculties, departments and ancillary operations with no exceptions.
Invoices are issued for goods sold and/or services rendered under signed contracts between UBC and third parties. It is important to note that only certain UBC departments are authorized to enter into contracts on behalf of UBC.
Please refer to the University’s Signing Resolutions for a listing of eligible signing authorities.
There is a central billing and receivable module in Workday and the Treasury team is working with units directly to set them up with that function. If you have questions please contact Revenue Accounting Manager, Chen Shi.
Billing and Receivables Procedures
- Invoices should reflect the terms of the underlying agreement.
- Appropriate taxes, GST/PST, should be charged.
- Invoices should be tracked to ensure payment is received.
- Each quarter, or at a minimum by March 31, outstanding invoices should be summarized and posted to Accounts Receivable (AR)
- Departments should be able to produce an Aged Receivables Detail Report that supports the receivable balances.
- Review balances aged over 30, 60, and 90 days.
- Follow up payments with customers.
- Assess the collectability of invoices over 120 days.
- Review uncollectible accounts with the immediate supervisor and consider collection options.
- Setup allowance for the doubtful account if applicable.