Site Finance Fact Sheet AR0106

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1 Site Finance Fact Sheet AR0106 Date Last Modified: December 2012 The receipt of outstanding M&S Charges from a Debt Collection Agency The Materials and Services (M&S) Charges, Administrative Instructions and Guidelines (AIGs) provide schools with several debt recovery options, including the engagement of services from an independent collection agency. The M&S Charges, AIGs are available from the Gold Book.. Where outstanding M&S Charges have been forwarded to an independent debt collection agency for collection, parents/caregivers are required to pay the outstanding charges directly to the agency. The costs incurred in engaging the services of the debt collection agency are to be borne by the school and cannot be passed on to the parent/caregiver, therefore the amount forwarded to the school by the agency can vary. Depending on the agency, schools may either receive payment for the: 1. full amount of the outstanding charges, and also receive a tax invoice for the debt collection charges, or 2. nett amount (i.e. the M&S Charge less the debt collection agency charges),. 3. nett amount (i.e. the debt collection agency charge less the M&S Charge) Note: If the school is receiving the nett amount, it is recommended that the school contact the agency and request payment of the full amount of the charges, and separately invoice for the debt collection costs. The process for receiving payment from the Debt Collection Agency OPTION 1: Where the debt collection agency has paid the school the full amount of the outstanding charges, and has invoiced for the debt collection charges For example, a payment is received from the debt collection agency for $450 ($155 from Smith family, and $295 from Jones family). A tax invoice is received from the debt collection agency for $44.00 (GST inclusive) for debt collection charges (Smith family - $15 charges and $1.50 GST and Jones family $25 charges and $2.50. To process the cheque: (AR). Accounts Receivable / File Maintenance / Customers Inquiry / New 2. If necessary, create a Chart of Accounts account code L-ZZZ # for the Debt Collection holding account in General Ledger / File Maintenance / Chart of Accounts / New Finance Fact Sheet: AR0106 The Receipt of Outstanding M&S Charges from a Debt Collection Agency Page 1 of 5

2 3. Receipt the amount received from the debt collection agency (on behalf of the parents/caregivers) in Cash Register Emulation (CRE) to the holding account L-ZZZ # and coded G21 To process the payment from families: 4. If necessary, enter a new Inventory Item called Debt Collection with the default account as the holding account L-ZZZ # after checking to ensure it has not already been entered Accounts Receivable / File Maintenance / Inventory 5. Create an AR credit note to the Debt Collection holding account L-ZZZ # using the inventory code debt collection coded G21 for the full amount paid by the family. 6. Accounts Receivable/Transactions/Invoices Credits/Enter/Student choose any of the students in the relevant family. 7. Ensure Credit Note is ticked. For example: Smith Family (Credit Note) L-ZZZ # (holding account) $ Jones Family (Credit Note) L-ZZZ # (holding account) $ G21 8. Apply the outstanding M&S Charge invoice and the newly created credit note in CRE. To process the invoice for the recovery of charges by Debt Collection Agency: 9. In Accounts Payable input the invoice to the debt collection agency. Accounts Payable/Invoice/Choose supplier: Debt Collection Agency 10. Insert the Invoice Number, Date and Amount as per the Invoice. For example G21 E-ZZZ-7625 (Debt Collection Expenses) Smith $15.00 G11 E-ZZZ-7625 (Debt Collection Expenses) Jones $25.00 G11 L-ZZZ-3515 GST Inv ### $ 4.00 G Approve to pay Accounts Payable/Approve to Pay. 12. Draw a cheque to pay the account. Finance Fact Sheet: AR0106 The Receipt of Outstanding M&S Charges from a Debt Collection Agency Page 2 of 5

3 OPTION 2: Where the debt collection agency has paid the school the nett amount of the outstanding charges, deducting the debt collection charges. For example, the payment and a statement are received from the debt collection agency indicating amounts collected on behalf of the school, with charges and GST deducted. The statement shows: the debt collection agency received: $155 from Smith family and deducted $16.50 ($15 charges and $1.50 $295 from the Jones family and deducted $27.50 ($25 charges and $2.50 the school received: $ ($155 less $16.50) $ ($295 less $27.50) Therefore the total payment received from the debt collection agency is $ ($ $267.50) (AR). Accounts Receivable / File Maintenance / Customers Inquiry / New 2. If necessary, create a Chart of Accounts account code L-ZZZ # for the Debt Collection holding account in General Ledger / File Maintenance / Chart of Accounts / New 3. Enter a new Inventory Item called Debt Collection with the default account as the holding account L-ZZZ # after checking to ensure it has not already been entered Accounts Receivable / File Maintenance / Inventory 4. Create an AR invoice to the Customer (Debt Collection Agency) using the Debt Collection inventory code just created to the holding account L-ZZZ # for the full amount paid as shown on the statement using the GST code G21. For example, $155 + $295 = $ Create Credit Note/s in AR to the Customer (Debt Collection Agency) for the costs incurred in collecting the debts e.g. charges/commissions/gst. The charges are posted to Debt Collection Expenses (E-ZZZ-7625) and the GST holding account (L- ZZZ-3515) and both coded G11. Note: Should the amount deducted include a GST free amount then debit the Debt Collection Expenses (E-ZZZ-7625) using the GST code G14. Accounts Receivable/Transactions/Invoices Credits/Enter/Choose customer: Debt Collection Agency and ensure Credit Note is ticked. Example: E-ZZZ-7625 Smith invoice ## payment $15 G11 E-ZZZ-7625 Jones invoice ## payment $25 G11 L-ZZZ-3515 GST on Debt Collection $4 G11 ($ $2.50) 6. Apply the invoice ($450) and the credit note ($44) in CRE and receipt the cheque ($406) with the appropriate details of the cheque on the payment screen. Finance Fact Sheet: AR0106 The Receipt of Outstanding M&S Charges from a Debt Collection Agency Page 3 of 5

4 7. Create an AR credit note using the item code Debt Collection (newly created above) to the account code L-ZZZ # for each relevant student/family for the full amount they paid, coded G21 (only up to the total amount of the M&S Charges owing). Example: Smith $155 and Jones $ Apply in CRE. OPTION 3: Where the debt collection fees are more than the amount collected and the debt collection agency has charged the school the nett amount of the debt collection fees, deducting the M&S Charge payment. For example, An invoice is received from the debt collection agency indicating amounts collected on behalf of the school, with charges and GST deducted. The statement shows: the debt collection agency received: $100 from Smith family and deducted $27.50 ($25 charges and $2.50 Deducted $49.50 from the Jones family ($45 charges and $4.50 and $44.00 from the Shaw family ($40 charges and $ no payment received from these families. Therefore the total invoice received from the debt collection agency is a net charge of $21.00 ($121 charges - $100 fees received) (AR). Accounts Payable / File Maintenance / Suppliers Inquiry / New 2. Raise AP Invoice to the Debt Collection agency for the total amount of the invoice charges E-ZZZ-7625 $ G11 L-ZZZ-3515 $11.00 G11 3. If necessary, create a Chart of Accounts account code L-ZZZ # for the Debt Collection holding account in General Ledger / File Maintenance / Chart of Accounts / New 4. Enter a new Inventory Item called Debt Collection with the default account as the holding account L-ZZZ # after checking to ensure it has not already been entered Accounts Receivable / File Maintenance / Inventory 5. Raise an AP credit note to the Debt Collection agency for amount of M&S Charge payment received : L-ZZZ-3555-#### $ G21 6. Apply in Approve to pay and generate a cheque for $ Raise an AR credit note to the student (example Smith) using the item code Debt Collection: L-ZZZ-3555-#### $ G21 4. Apply Credit Note to student in CRE Finance Fact Sheet: AR0106 The Receipt of Outstanding M&S Charges from a Debt Collection Agency Page 4 of 5

5 Reconciling the Debt Collection Holding Account Once all steps on the fact sheet have been completed, check the balance of the Debt Collection Holding Account (L-ZOO #) on your current period Balance Sheet to ensure that these transactions have been cleared. This holding account should now have a zero balance. Run an EDSAS Account Movement report for relevant periods (General Ledger > Reports > Account Movements) for L-ZOO # Debt Collection Holding Account Cross check that the direct dr/cr credit amount/s from the invoices has/have been matched by the same amount of debits from the credit notes processed. Where the balance is not zero, all transactions should be checked against the relevant documentation. Finance Fact Sheet: AR0106 The Receipt of Outstanding M&S Charges from a Debt Collection Agency Page 5 of 5

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