Accounts receivable are monies due to the University, which have not yet been received. Credit which has been extended to students, faculty, staff, or to outside customers is a receivable. This can include, but is not limited to, tuition and fees, sponsored projects, student loans and notes receivable, travel loans, library fines, parking tickets and fines, pharmacy charges, petty cash loans, etc.
- The university's general policy is to apply the Commonwealth of Virginia's policies, standards, and limitations to all accounts receivable transactions, regardless of the source of funds. All receivables are to be processed through the university’s central receivable system (managed by the Virginia Tech Bursar’s Office).
- The University is required to take all appropriate and cost effective actions to aggressively collect accounts receivables and the University is required to withhold services to those who refuse to pay their debts.
- The University Controller has the ultimate responsibility for the management, reporting, and collection of the university’s accounts receivables.
- The overarching goal is to minimize the number and amount of past due and delinquent accounts receivable on an ongoing basis, and to minimize the annual write-off of accounts receivables.
- Providing accounts receivable policies, procedures and guidelines.
- Providing functional assistance regarding accounting for receivables.
- Preparing quarterly reports for the Controller’s Office.
- Monitoring and analyzing the receivables of the university.
- Ascertaining that state and university guidelines are followed as well as the Fair Debt Act.
- Sending charges according to an agreed upon method, i.e. a flat file, or entering charges directly in TZAMASS on a daily or weekly basis.
- Notify the Office of the University Bursar (OUB) of the file and amount on the same day it is sent to OUB.
- Notifying OUB of adjustments prior to the monthly billing that occurs on the 15th of each month. Pending financial aid credit(s) may be reflected on a student bill for no more than 60 days from billing date the aid first appeared on the students account.
- Notifying OUB of any disputes on accounts being billed for department in a timely manner.
- Notifying OUB of any payment received by the department before disposition of payment.
- Reconciling departmental records of charges with A/R and Banner Finance Monthly
- Responding to inquiries from OUB regarding receivables within 48 hours.
- Requesting and reviewing A/R reports related to departmental charges, i.e. an Aging
- Report (TZRAGNG), Charge and Payment Reports (TZRCBPC).
- Maintain original documentation of charges in a current file located in office until account is paid in full.
- Accounts Receivable reconciliation (including cash receipts reconciliation) should be performed on a monthly basis.