Year-End Revenue Recognition and Reporting of Departmental Accounts Receivable

[Business Affairs Office News]

Year-End Revenue Recognition and Reporting of Departmental Accounts Receivable
Good afternoon,

The Business Affairs Office Financial Services Department would like to remind University of Oregon personnel of important year-end procedures regarding non-student system (non-SIS) accounts receivable (AR).  According to Generally Accepted Accounting Principles (GAAP), accrual accounting requires revenue be recognized when the product is delivered or the services are provided, not when payment is received. Departments that sell products or provide services should accrue amounts owed to them by customers external to UO.

For information on how to recognize FY15 revenue and accrue AR please visit:

  http://ba.uoregon.edu/staff/accounts-receivable-non-student
  http://ba.uoregon.edu/staff/year-end-departmental-instructions-fy15#Accounts_Receivable
  http://ba.uoregon.edu/sites/ba/files/yeclosingthebooksfy15.pptx

The entries detailed in the above procedures should be done before the close of period 12 on Wednesday, July 8th at 5:00pm.

Departments are required to submit a detail and aging report of non-SIS AR by Thursday, July 16th.  The report total should match June 30th, 2015 Banner ending AR balances and must include the amount, who it is due from, a description of the goods or services, and the date they were provided.  To review general ledger accounts, use FGITBAL/FGIGLAC or FWIGLDD.

A report template can be found at: http://ba.uoregon.edu/sites/ba/files/forms/yearendar.xlsx.

It is important that receivable amounts are reviewed for accuracy and adjusted or written off as appropriate.  If you find amounts that are not collectible, please contact us for assistance.

Common non-SIS AR account codes:

Account Code

Title

A3101

Misc Advances Receivable-Non SIS

A3103

Misc A/R

A3106

Sundry Receivable

A3110

Travel Advance Receivable-Non SIS

A3702

AR from Affiliated Foundation


Please email reports to rchoward at uoregon.edu<mailto:rchoward at uoregon.edu> and submit revised reports for any subsequent period 14 activity.

Thank you,

BAO Financial Services Department

Robbin Howard, 6-1115, rchoward at uoregon.edu<mailto:rchoward at uoregon.edu>
Jill Ritz, 6-1256, jritz at uoregon.edu<mailto:jritz at uoregon.edu>
Phil Davis, 6-3524, pdavis at uoregon.edu<mailto:pdavis at uoregon.edu>

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