Maintaining Receivables Process |
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Receivables must be maintained to ensure that pending Items are created and updated correctly and that any errors or discrepancies are resolved. The following sections below explain the topics in this module.
Pending items are records entered into OAKS FIN to record invoices sent to customers, credit memos, and/or debit memos, and Intrastate Transfer Vouchers (ISTVs). Agencies enter pending items manually or load them through the Pending Item Interface. Once the pending item has been created, a process called ARUPDATE runs, the pending item posts and becomes a receivable. In order to unpost a pending item, the entire group must be unposted.
Agencies must review the status of their items to make sure the entries posted successfully. When pending items do not successfully post to the customer’s account in OAKS FIN AR the Pending Item Originator (receivable) or Revenue Processor (deposits) who originated the pending item/deposit reviews the entries in OAKS FIN via the online error correction pages and sets them to post.
Pending Item groups can also be deleted. Groups cannot be deleted after they have posted. If a group has been posted, the employee must either unpost the group prior to deleting it, or make the correction using a credit/debit memo. Credit and debit memos are used to correct items that have already posted. After posting, the items themselves may not be used to make corrections.
The OAKS FIN Payment Predictor function can automatically identify the item for which a payment has been received. If the Payment Predictor cannot match a deposit, OAKS FIN creates a Payment Worksheet, which agencies must use to manually match the deposit. Agencies may also use this process to create a worksheet manually without attempting to use the Payment Predictor.
In cases where money was applied to the wrong customer’s account, a Transfer Worksheet can be created to transfer the funds to the correct customer.
If a worksheet was created but not completed or needs updating, the Payment Status Worksheet is used to get a list of all payments that have not yet been applied.
Maintenance Worksheets contain Entry Type codes that can be used to offset or adjust posted items, such as refunding an item or creating a debit or credit balance from maintenance tasks. It is also used to write-off posted items.
Items are placed in dispute when a customer reports that they have been billed incorrectly. Placing an item in dispute allows those items to be separated when reviewing the customer balance information. The resolution of the disputed item is then documented in OAKS FIN.
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