Policy University Management FMPM 200 - FMPM 399 - Assets FMPM 270-1 Accounts Receivable
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 | Chief Financial Officer |
Write off of a debt |
Definitions
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
Policy Domain | University Management |
Policy Sub-domain | Finance |
Policy Custodian | Chief Financial Officer |
Approval Authority | Vice Chancellor |
Date for next Major Review | 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 |