Year-End Revenue Recognition and Reporting of Departmental Accounts Receivable

[Business Affairs Office News]

Good morning,

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.

Fiscal period 12 (FP12) closes on Monday, July 11th at 5:00pm and accounts receivable for revenue earned during FY16 should be recorded in Banner.  Our goal is to have all June and remaining FY16 activity recorded in FP12.

For information and procedures on how to recognize revenue and accrue AR please visit the Business Affairs website.

Year End Departmental Instructions and Closing of the Books PowerPoint
Year End Close | Business Affairs<http://ba.uoregon.edu/content/year-end-close>

General instructions
Accounts Receivable (non-student) | Business Affairs<http://ba.uoregon.edu/content/accounts-receivable-non-student>

Tuesday, July 19th is the deadline for departments to submit the required detail and aging report of non-SIS AR.  The report total should match FY16 Banner general ledger ending non-SIS AR balances (see common codes below).  The report 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.

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.

Please email reports to rchoward at uoregon.edu<mailto:rchoward at uoregon.edu> and submit revised reports for any additional FP14 activity.

A report template can be found at:    http://pages.uoregon.edu/baoforms/bao_drupal_6/sites/ba.uoregon.edu/files/forms/yearendar.xlsx.

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


We recommend reconciling non-SIS AR banner balances to detailed AR listings at the close of FP11 as preparation for the year-end requirements above.

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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