How To Write A Foundation Invoice

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1 AR-350 ACCOUNTS RECEIVABLE Policy Invoicing procedures A. Foundation Programs Invoicing Procedures B. Enterprise Operations invoicing Procedures Collections & Voids Revenue Recognition Accounts Receivable Aging Report & Returned Check Report Collections, Allowance, & Write-Off of Accounts Receivable Invoices & Returned Checks (Excluding Grants & Contracts) Aging, Reviewing, Collection, Allowance & Write Off of Pledge Receivables APPENDICES 350.A Cal Poly Pomona Foundation Invoice. 350.B Request for Invoice 350.C Returned Check Report 350.D Aging Report 1

2 350.1 Policy a. To provide guidance for the accounts receivable function and to ensure that invoices are recorded, maintained and collected in an accurate and timely manner Invoicing procedures. A. Foundation Programs invoicing procedures a. The Foundation uses a centralized Accounts Receivable system for the creation of invoices (Appendix 350.A) to bill customers/clients. All invoices are systematically numbered. All system numbers are in sequence and assigned to the invoice when created. b. To initiate an invoice, the Foundation Program prepares and submits a request for invoice (Appendix 350.B) along with the following: i. Proper documentation such as date, unit, price, quantity, account #, description, extended amount, purchase order and/or chart-field number, agreements etc. ii. Authorized signature on the request form. c. An accounts receivable batch is created by the Accounts Receivable Specialist and reviewed for accuracy and revenue recognition. After the batch is reviewed, it is sent to the Accounts Specialist s Supervisor for posting. After posting, the Accounting Receivable Specialist prints out the invoices and distributes. d. A copy of the invoice is sent to the customer, a copy is sent to the authorized signer of the Foundation Program, and the original is retained in accounting with backup documents and request for invoice, and are filed. B. Enterprise Operations invoicing procedures a. The Enterprise Accounting technician s invoice process culminates in an invoice batch. The Enterprise accounting technicians receive the information needed to invoice from their respective units. An invoice batch is created and each sales transaction requiring an invoice is included. The batch is reviewed and then sent to the Foundation Accounts Receivable specialist. b. Foundation Accounts Receivable specialist has the batch posted and then prints and distributes the accounts receivable invoices. 2

3 350.3 Collections and Voids a. Collection of all invoices is the responsibility of the Project Director(s)/ Authorized Signer. b. Project Directors/Authorized Signers contact the Accounts Receivable Specialist in order to cancel or void an invoice. Project Directors/Authorized Signers must submit proper documentation such as reason for cancellation/void, invoice number, account numbers, amounts and authorized approval Revenue recognition a. All transactions are on an accrual basis so revenues are recognized when invoiced. b. Invoices generated for Foundation programs are checked for accuracy and revenues are realized on an accrual basis. Accounts receivable invoices are recorded to object code 1100 and the respective revenue object code if earned or deferred revenue (object code 2350) if unearned at the time the accounts receivable invoice is issued. c. All invoice adjustments require a written authorization from the Project Director/Authorized Signer specifying Invoice number, Customer ID (PEID), reason for adjustment and an authorized signature approving the adjustment(s) Account Receivable Aging Report and Returned Check Report a. After month end closing, an Accounts Receivable aging report (Appendix 350.D) and Returned Check Report (Appendix 350.C) are generated by the Accounts Receivable Specialist and a copy is maintained on file. b. The accounts receivable aging report is reconciled monthly by the Accounts Receivable Specialist to the general ledger Accounts Receivable Object code (1100). Any variance is identified and corrective action noted. The Returned Check Report is reconciled monthly by the Accounts Receivable Specialist to the general ledger object code (1110) Collections, Allowance & Write-Off of Accounts Receivable Invoices and Returned Checks (Excluding Grants and Contracts) a. Collection efforts for accounts receivable invoices and returned checks are the responsibility of the Project Director(s)/Authorized Signer(s). b. All accounts receivable invoices greater than one year old, at month end, will be recorded in allowance for doubtful accounts and will be written off after two years with the approval of the Chief Financial Officer and Executive Director. A notification will be sent to the 3

4 Project Director(s)/Authorized Signer(s) when an invoice is written off. Reports will be sent to the Project Directors/Authorized Signers quarterly, listing all accounts receivable invoices greater than one year old. c. For Returned checks the Accounts Receivable Specialist will notify the applicable Project Director/Authorized Signer to contact the maker. At month end, returned checks greater than one year old will be written off with the approval of the Chief Financial Officer and the Executive Director. A notification will be sent to the Project Director/Authorized Signers when a returned check is written off Aging, Reviewing, Collection, Allowance and Write Off of Pledge Receivables Pledge receivables, including collection activity, are the responsibility of the project director. The calculation of the net present value of the pledges will be performed. An allowance is established for any pledges that may become uncollectible. If it is determined that any pledge is uncollectible and should be written off, at least two signatures will be required from the Vice President of University Advancement or designee and the Executive Director or the Chief Financial Officer of the Foundation. 4

5 Appendix 350.A CAL POLY POMONA FOUNDATION, INC WEST TEMPLE AVENUE, BLDG. 55 POMONA, CALIFORNIA (909) PLEASE REFER TO THIS NUMBER WHEN MAKING PAYMENTS INVOICE REF REFDT... To assure credit to your acount, please return an invoice copy with your remittance

6 Appendix 350.B CAL POLY POMONA FOUNDATION, INC. REQUEST FOR INVOICE PLEASE INVOICE: DATE: VENDOR INFORMATION: CONTACT PERSON: PURCHASE ORDER: EVENT DATE: CONF./WORKSHOP NAME: TITLE: TELEPHONE NO: SOURCE OF PMT: DATE QUANTITY UNIT PRICE ACCOUNT NUMBER DESCRIPTION AMOUNT REV. 6/99 TOTAL AUTHORIZED SIGNATURE Printed Name

7 Appendix 350.C Monthly NSFs for -Jan- 15 Value Date DEBIT AMOUNT Descriptive Text 1/14/2015 $30 RETURN ITEM CHARGE - PAPER AZ /15/2015 $7,85 RETURN ITEM CHARGE - PAPER AZ NSF Total: $8.15 iw,,.nl0ilvil /,),/if t'>{>;,o i'}ll#i@j'.!.* %«.i>ilililt::#f»;'iilh;ii,iin J,;.,,;m ;-,,, 'f0%'<:'. ', Thursday, February 12, 2015

8 Appendix 350.D CAL POLY POMONA FNDN. 02/11/15 A G I N G R E P O R T Page 27 WED, FEB 11, 2015, 4:24 PM --req: JDEBELLI--leg: GL ----loc: ONSITE----job: J prog: AR500 --report id: ARSRAG02 SELECT: (TRNS.ARREF = "AR@") AND (SPEC.INVBAL <> "0") SORT ORDER: Project Code then Customer Type ID then Ref/Invoice; TOTAL at LEVEL: 3; PAGE BREAK at LEVEL: 0 As Of 01/31/15 by Reference Date excluding 'zero' lines ID Name 0-30 Days Days Days Days Over 120 Total ============ ============================= ============== ============== ============== ============== ============== ============== A06143 C P UNIV FINANCIAL SERVICES 2, , Total for Project Code: CB2350 2, , Total for Ref/Invoice: AR , , A41210 BUSINESS DATA LINKS INC 1, , Total for Project Code: CC1910 1, , Total for Ref/Invoice: AR , , A41210 BUSINESS DATA LINKS INC 1, , Total for Project Code: CC1920 1, , G R A N D T O T A L 3,059, , , , , ,346,234.85

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