Receipts & Receivables Log
OFFICE OF GRANTS AND CONTRACTS
This tutorial will allow you to log and route incoming payments via check and wire.
August 2012
RECEIPTS AND RECEIVABLES
Table of Contents Objectives ....................................................................................................... 1 What are Receipts and Receivables? ................................................................ 2 Processing the Invoice ..................................................................................... 2 Receiving the Payment .................................................................................... 2
RECEIPTS AND RECEIVABLES
Objectives When you have completed the Receipts and Receivables tutorial you will be able to do the following: Route checks and wire transfers correctly Process the payment correctly
Page | 1
RECEIPTS AND RECEIVABLES
What are Receipts and Receivables? Receipts are the invoices sent from the office and receivables are the forms of payment sent to our office. We receive payments through wire transfer, cash, credit card and/or check.
Processing the Invoice Suhail will generate the monthly, quarterly, and fixed amount invoices. (See Internal Training: Invoice Procedure) She routes these invoices to the student worker/intern to copy and mail. The student worker/intern makes a one copy of the invoice, unless it is a Final Invoice, then the student/intern makes two copies. The information from the invoice goes into the current Fiscal year Invoice Log (20XX-20XX Fiscal year Invoice Log). You can find this log on the share drive in Grants and Contracts > Grants > Account Receivables > Outstanding Invoices – Receivables Log. The fund #, PI last name, Sponsor name, end date of period invoiced, date mailed, and amount of invoice is entered into the log. The copy of the invoice is filed in the Invoice Binder by month, day, alpha, PI last name. And now we wait for payment‌
Receiving the Payment Wire transfers or payments will be received within the OGC. Diane processes the wire transfers and Suhail processes the paper checks. Both forms of payment are logged into the Fiscal Year Invoice Log. The information input into the log is the amount paid (full or partial) and the date payment was received. This information is also recorded in the hard copy of the 20XX-20XX Fiscal Year Invoice Log located in the front of the Invoice Binder. The invoice copy is then date stamped. Attach the invoice copy from the binder to the wire transfer receipt or the paper check and route to the student worker/intern. The student then copies the check payments and invoice and routes the originals and copies of all received payments (wires and checks) to Diane for deposit processing (See Internal Training: Deposits).
Page | 2
RECEIPTS AND RECEIVABLES
Next
Who
Related Training
Author
The copies and originals of the received payment are routed to Diane for deposit.
1. Primary: Suhail Guzman 2. Backup: Stephanie Hendrix Invoice Process Wire Transfers Deposits Kari E Busard Training Specialist Office of Grants and Contracts East Carolina University
This concludes the Receipts and Receivables Log Tutorial.
Page | 3