Accounts Receivable
Description
Accounts receivable encompasses the business processes and activities associated with billing customers and collecting their payments.
| Self-Assessment | ||||
| Standard | Yes | No | N/A | |
|---|---|---|---|---|
| 1 | Are there documented policies and procedures for the accounts receivable activity? | |||
| 2 | Is billing appropriate instead of requiring payment when services / goods are delivered? | |||
| 3 | Are accounts receivable restricted to students whose activity (dollar amount or volume) exceeds pre-defined thresholds? | |||
| 4 | Are the key duties of billing, collecting, depositing, posting, and reconciling accounts receivable activity separated among different individuals? | |||
| 5 | Is activity (billings to students, posting of payments, deposit of receipts) performed timely, accurately, and completely? | |||
| 6 | Is there an established collection process, including routine follow-up, to ensure attempts are made to collect amounts due? | |||
| 7 | Is accounts receivable activity reconciled on a consistent, routine basis (at least monthly) by someone independent of the daily processing? | |||
| 8 | Is a list of aged delinquent accounts provided to management for review and further action? | |||
| 9 | Is there a documented write-off policy for accounts in which collection is unlikely or continued efforts are cost-prohibitive? | |||
| 10 | Is the responsibility for addressing customer complaints regarding balances and payment history assigned to someone? | |||
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