FMPM 270-1 Accounts Receivable

Intent

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

Function	Responsibility of
Granting of credit	Financial Delegate (refer to Financial Delegations Register)
Generation of an invoice on account	Refer to FMPM 610: Policy – Fees and External Charges (Excluding Commercial Revenue and Real Property) FMPM 620: Policy – Revenue – Commercial and Non-Commercial Activities
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	Chief Financial Officer
Write off of a debt	Refer to FMPM 271: Procedure - Debt Management

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 FMPM 620: 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.

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)	11/09/2021

Revision History

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