FMPM 270-1 Accounts Receivable

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Intent

To set out the requirements for the approval and management of accounts receivable.

Scope

Function

Responsibility of

Granting of credit

Financial Delegate (refer to Financial Delegations Register)

Generation of an invoice on account

Refer to

Refund of an overpayment

Financial Delegate (refer to Financial Delegations Register)

Approval of a credit note

Financial Delegate (refer to Financial Delegations Register)

Collection of an account receivable

Director, Financial and Business Services

Write off of a debt

Refer to FMPM 271: Procedure - Debt Management

Definitions

Debtor

Granting of Credit

Policy

  • The granting of credit to an individual or organisation must be based on a reasoned judgment as to their credit worthiness.

  • Approval of credit extended to an individual or organisation by the University must be in accordance with the Financial Delegations Register.

  • The generation of an invoice for goods or services provided must be in accordance with FMPM 610: Policy – Fees and External Charges (Excluding Commercial Revenue and Real Property) and FMPM620:  Policy – Revenue – Commercial and Non-Commercial Activities.

  • The refund of an overpayment of money by an individual or organisation to the University must be in accordance with the Financial Delegations Register.

  • An overpayment of money to an individual or organisation is considered a debt to the University and subject to the requirements of this directive.

  • The cancellation or adjustment of an invoice by way of credit note must be approved by the Financial Delegate.

  • Cost effective procedures must be employed to ensure collection of all accounts receivable on a timely basis. Such procedures may include due legal process where applicable.

  • The writing off of a debt must be in accordance with the FMPM 271: Procedure - Debt Management.

For enquiries in relation to this FMPM Policy please contact AccountsReceivable@jcu.edu.au.

Related policy instruments

JCU Financial Delegations Register

FMPM 610: Policy Fees and External Charges (Excluding Commercial Revenue and Real Property)

FMPM 620: Policy Revenue – Commercial and Non-Commercial Activities

FMPM 271: Procedure – Debt Management

Administration

NOTE: Printed copies of this policy are uncontrolled, and currency can only be assured at the time of printing.

Approval Details

Policy Sponsor

Deputy Vice Chancellor, Services and Resources

Approval Authority

Finance Committee

Date for next Major Review (in accordance with the Policy Handbook)

11/09/2019

Revision History

Approval date - the date the approval authority approved the establishment, minor or major amendment or disestablishment

Implementation Date - the date the policy was published in the Policy Library and is the date the policy takes effect

Version

Approval date

Implementation date

Details

Author

16-1

11/09/2016

12/09/2016

Reviewed and updated with minor amendments.

Director F&BS

15-01

09/09/2015

10/09/2015

Policy Sponsor and Approval Authority updated to reflect the approved Policy and Delegations Framework

Quality Standards and Policy Unit

10-01

16/11/2010

22/11/2010

  

01-01

12/2001

12/2001

 

There are no related procedures.

There are no other related documents.