Receipts-Entering and Applying
This procedure covers applying customer receipts by Accounts Receivable.
Receipts-Entering and Applying
Reports-Submit and View Standard Reports
A cash receipt is an applied receipt if it is associated with a customer number and an open invoice(s).
An unapplied receipt is a cash receipt that can be applied to a customer account if it is associated with a customer number but not associated with an invoice (that is, there is no invoice for the sale or the invoice number is unknown).
An on-account receipt (cash-in-advance) is:
An unidentified receipt is from an unknown source.
An Application Advice Form is required for any receipt labeled as unidentified.
The AR Receipts Specialist is responsible for:
AR Receipts Specialist*
The AR Manager is responsible for ensuring that this document is necessary, reflects actual practice, and supports University policy.
This activity is performed daily, as soon as the receipt application batch is received.
The receipt application batch consists of a copy of the bank deposit slip and any supporting documents.
This procedure continues from:
The job title Receipts Creator refers to:
1. Fill out deposit slip and copy of Cash Receipts Log from AR Receipts Specialist responsible for creating deposit tickets.
2. Create a receipt batch.
N ® Receipts ® Batches
Refer to Receipts-Entering and Applying
3. Apply the cash receipts.
Review your data entry for accuracy and correct any errors before entering the transaction.
Determine whether an account is established for this customer.
Before a receipt is considered as on account, you must first verify there is no open invoice matching the receipt.
The receipt amount may or may not match the open invoice amount indicated in the database. When it does not, you should not assume the receipt corresponds to the invoice; the receipt should be applied to the customer account - and not to the invoice. If you know the receipt applies to invoice, apply it.
No matching invoice located
Receipt batches/deposits must be reconciled before fixing out-of-balance batches and deposits.
4. Determine whether the cash receipts total matches the corresponding bank deposit total.
N ® Control ® Requests ® Run
Refer to Reports-Submit and View Standard Reports.
If the cash receipts total matches the corresponding bank deposit, goto task #8. Otherwise, goto task #5
5. Determine the reason for the out-of-balance condition.
The cash receipts total must match the bank deposit total for the batch.
The total number of receipts and the receipt amounts must match exactly.
You are responsible for correcting all cash application errors.
6. If a receipt application error is identified, adjust the receipt.
Refer to Receipts-Receipt Adjustment.
7. Sign and date the Cash Receipts Log.
8. File the documentation in the receipt application file, sequenced by date.
9. Review Receipts and reports to determine status of unapplied and unidentified receipts.
10. Research and apply the receipts.
End of activity.
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