Procedure: 401-A/R, Invoicing, Collections
Reporting
Section 13.94(1)(g) of Wisconsin Statutes requires all state agencies, including the University, to report accounts receivable as of June 30 of each year. The report is due no later than September 1st, and must include a breakdown by fiscal year of origin and collections on each year's receivables.
In addition, UW System Financial Reporting requires the following information regarding accounts receivable for publication in the UW System annual financial report: uncollected receivables as of June 30, along with the amounts ultimately collected in the month of July and recorded to the fiscal year ended June 30; an estimate of uncollectible balances; amounts due from state agencies; and amounts due from other governments. These amounts are also reported by UW System to the Wisconsin Department of Administration for use in preparation of the State of Wisconsin annual GAAP-based financial report.
In order to comply with these requirements, Accounting Services requires each division with accounts receivable as of June 30 to complete a Summary of Accounts Receivable report each year for each fund/UDDS combination with receivables. In late June to early July, reports are mailed to each division that reported receivables in prior years. Each report will include uncollected balances reported in the prior year. If your division has accounts receivable, but you are not asked to complete the annual report, call Cash Management.
Detailed instructions for completing the reports are mailed each year along with the reports and will not be repeated in this manual.
Procedure: 401-A/R, Invoicing, Collections