Procedure: 401-A/R, Invoicing, Collections
Invoicing
In addition to billing on a regular basis, all invoicing should be done on a multipart, prenumbered form. Depending on the number of billings you do, you can either have your own printed invoices or obtain standard six-part invoices from Janet Hamm in Cash Management. This will simplify the necessary recordkeeping and follow-up associated with the proper operation of an accounts receivable system as well as help you keep track of any missing invoice numbers.
Funding Source
Unless another funding source is designated by State Statute, revenue must be deposited to the funding source from which related expenditures are paid. Refer to the manual on the chart of accounts for a complete list of the statutory definitions by fund.
Account and Program Code
Use the appropriate account code on receipt or sales credit transactions. Refer to the account code manual for the title of each code. Program code is not used with receipts, but it is required on a sales credit transaction. University of Wisconsin System Administration Financial Policy and Procedures Paper #24 establishes guidelines for determining whether a transaction should be recorded as a receipt or a sales credit.
Procedure: 401-A/R, Invoicing, Collections