FMPM 270-1 Accounts Receivable

Intent

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

Scope

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 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.

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

Revision History