accts_rec.doc

7/24/2019 accts_rec.doc

1/7

Accounts Receivable Module

Overview

Maintaining Core-CT Receivables is the process of keeping the Accounts Receivablebalances "clean." It is imperative that accounts properly reflect amounts due and thetiming of those amounts due. The maintenance of receivables and the ability to collectthem can have a maor impact on an agency!s cash flo. Core-CT provides you thenecessary tools to maintain the Accounts Receivable subsidiary ledger.

#ayments are received into Core-CT Receivables through three methods$ %IR& lockbo'(bank statement or manual regular deposit entry. )our agency may use one( all( or somecombination of these methods.

*eposits must be prepared for all payments received from non-state agencies. These

payments must be deposited at the bank. The +ank ,tatement process is run daily to loaddeposits for ederal ire payments. The /ockbo' process is run daily to load Inter-Agency payments. The #ayment /oader process is then run to create daily deposits inCore-CT for all of these payments. The agency location ill be entered so that alldeposits can be identified by location ithin the agency. All deposits must be directlyournalled or applied to open items.

Applying payments is the process of matching payments received from customers ithopen items in Core-CT. #ayments can be manually applied using payment orksheets orsystematically ith a tool called #ayment #redictor. #ayment #redictor automaticallyapplies payments using predefined cash application rules and is used for all lockbo'

deposits received for Intra and Inter-Agency payments. #ayment #redictor generatesorksheets for any partially applied payments( so that you can manually complete theapplication process.

Maintaining Receivables involves scanning each account for items that appear out ofplace or unreconciled 0for e'ample( old items( unapplied debit or credit memos( incorrectdates( and incorrect accounting information1. 2rrors or incorrect items must be corrected.Maintenance of these items can include information adustments( accounting dateadustments3 payment terms adustments( rite-offs( etc.

4


2/7

Manager/Supervisor Information

Money received for the ,tate ill be deposited and paid to the ,tate Treasurer ithin

the folloing time limitations$o ithin 56 hours of receipt hen the receipts total 7899 or more.

o Receipts of lesser amounts may be held until they e:ual 7899( but for not more

than ; calendar days.

&nly the Treasurer is authori


3/7

agency ho originally deposited the check. This is the only ay to adust the ,taterecords to agree ith the funds on deposit ith the bank.

There are to ays for an agency to make corrections or adustments to deposit

coding$o If a payment as applied( and the accounting period is still open( the item can be

un-posted and matched to an open item ith the appropriate coding. ContactCore-CT to un-post the payment.

o If a payment as a direct ournal( the agency must create a spreadsheet or online

ournal ith the ournal source ?*C@ 0*eposit Correction1. The ournal illreverse the incorrect entries and create the correct entries. Contact &,CAccounting ,ervices for assistance ith the correct accounting entries.

The module is closed on the 49th of the month folloing the accounting date of the

transaction. *eposits must be processed by the 8th of the month in order to ensure anorderly closing. or e'ample( deposits ith an accounting date in &ctober must becompletely processed by ovember 8 so that closing can take place on ovember 49.

Read your audit report for any recommendations that have to do ith bills( receipts or

deposits. Money you e'pect to collect should be billed. 2'amples are rent( payments against

M&B>s( fees for services rendered or goods delivered. #ayments beteen stateagencies should alays be billed first. o %IR& payments should be directlyournaled.

Miscellaneous cash receipts should be directly ournaled. 2'amples are copies(

licenses( and miscellaneous fees. &,CI# payments may be directly ournaled. Theseare the only %IR& payments that may be directly ournaled. This is an alloede'ception to the previous bullet point.

+ills to ,tate agencies for %rant Transfers are %T>s( Refunds of 2'penditures are

2T>s( and other Revenue Accounts are ,T>s.

Reconcile your Receipts /og for each accounting date to your *eposit ,ummary for

the same accounting dates to be sure that cash is accounted for in Core-CT. Thenreconcile the entries to the %eneral /edger( both for cash accounts and operatingaccounts 0revenues and refunds of e'penditure1.

Run the #ayment #redictor *etail report to find out hat items #ayment #redictor

applied payment to and closed.

Run the Aging Report /ook for anything older than =9 days and ork to clean it up(

collect it or place it in collections.

Check the ,tate Accounting Manual for directions on Management of Receivables

Recommended #ractice.

http$DD.osc.ct.govD,tateAcctDsamDmgntEreceivablesDinde'.htm Check the Catalog of &nline inancial Reports for a list of useful Accounts

Receivable and +illing Reports. http$DD.core-ct.state.ct.usDreportsD

=
http://www.osc.ct.gov/StateAcct/sam/mgnt_receivables/index.htmhttp://www.core-ct.state.ct.us/reports/http://www.osc.ct.gov/StateAcct/sam/mgnt_receivables/index.htmhttp://www.core-ct.state.ct.us/reports/


4/7

Catalog of Online Reports

Accounts Receivable Reports

Report Number Report Name

ar11001

Group Control by Entry Date

http://www.core-ct.state.ct.us/reports/docs/ar11001.docThis report is used to review daily activity by A !usiness "nitprocessed throu#h either the !illin# $odule or Accountseceivable.

ar1100%

&endin# 'te( by Entry Datehttp://www.core-ct.state.ct.us/reports/docs/ar1100%.docThis report is used to review pendin# ite(s by a speci)ied dateran#e.

ar%0001

Deposit Control by Entry Datehttp://www.core-ct.state.ct.us/reports/docs/ar%0001.docThe report displays a listin# o) all deposits. The user can obtain

detail in)or(ation on deposits by speci)ic date*s+ or ran#e o)reportin# periods. The run control pa#e allows the user to selectdeposit type, user 'D o) individual who entered the deposit, banna(e, ban account, and postin# status o) deposits.

eport is used to (onitor and review deposits entered into Core-CT.

ar%000%

&ay(ent Detailhttp://www.core-ct.state.ct.us/reports/docs/ar%000%.docThe report displays a sin#le deposit or a listin# o) deposits )or aspeci)ied date ran#e. The report captures the entire deposit andprovides speci)ic detail )or what has been directly ournaled and

what has been applied to open ite(s. The run control pa#e allowsthe user to select a date ran#e, deposit unit, user 'D, deposit 'Dand postin# status.

eport is a research tool to be run as needed to investi#atedeposit activity.

ar%000

&ay(ent u((aryhttp://www.core-ct.state.ct.us/reports/docs/ar%000.docThis report is used to review deposits in su((ary )ashion.eparate pa#e*s+ by each accountin# date.

ar%000 eceivables Activity

http://www.core-ct.state.ct.us/reports/docs/ar%000.docThe report displays a listin# o) each receivable with an associatedwrite o)) )or one or (ore custo(ers. The report can capture all o)the detail )or a custo(er, includin# ite(s already paid *which don2tappear on the A#in# eport+. The run control pa#e allows the userto select an a#ency business unit, custo(er 'D and chart)ieldco(binations.

eport is a research tool to be run as needed to investi#ate

6
http://www.core-ct.state.ct.us/reports/docs/ar11001.dochttp://www.core-ct.state.ct.us/reports/docs/ar11001.dochttp://www.core-ct.state.ct.us/reports/docs/ar11001.dochttp://www.core-ct.state.ct.us/reports/docs/ar11002.dochttp://www.core-ct.state.ct.us/reports/docs/ar11002.dochttp://www.core-ct.state.ct.us/reports/docs/ar20001.dochttp://www.core-ct.state.ct.us/reports/docs/ar20001.dochttp://www.core-ct.state.ct.us/reports/docs/ar20002.dochttp://www.core-ct.state.ct.us/reports/docs/ar20002.dochttp://www.core-ct.state.ct.us/reports/docs/ar20003.dochttp://www.core-ct.state.ct.us/reports/docs/ar20003.dochttp://www.core-ct.state.ct.us/reports/docs/ar20005.dochttp://www.core-ct.state.ct.us/reports/docs/ar20005.dochttp://www.core-ct.state.ct.us/reports/docs/ar11001.dochttp://www.core-ct.state.ct.us/reports/docs/ar11001.dochttp://www.core-ct.state.ct.us/reports/docs/ar11002.dochttp://www.core-ct.state.ct.us/reports/docs/ar11002.dochttp://www.core-ct.state.ct.us/reports/docs/ar20001.dochttp://www.core-ct.state.ct.us/reports/docs/ar20001.dochttp://www.core-ct.state.ct.us/reports/docs/ar20002.dochttp://www.core-ct.state.ct.us/reports/docs/ar20002.dochttp://www.core-ct.state.ct.us/reports/docs/ar20003.dochttp://www.core-ct.state.ct.us/reports/docs/ar20003.dochttp://www.core-ct.state.ct.us/reports/docs/ar20005.dochttp://www.core-ct.state.ct.us/reports/docs/ar20005.doc


5/7


custo(er account activity.

ar%1001

&ay(ent &redictor Detail eporthttp://www.core-ct.state.ct.us/reports/docs/ar%1001.docThis report is used to review pay(ents auto(atically posted to

outstandin# !illin# ite(s.

ar%100%

&ay(ent &redictor u((aryhttp://www.core-ct.state.ct.us/reports/docs/ar%100%.docThis report is used to review a su((ary o) pay(entsauto(atically posted to outstandin# !illin# ite(s. The reportallows the user to speci)y a ti(e)ra(e, A business unit, bancode and ban account.

The report lists &ay(ent &redictor results by status and predictor(ethod/al#orith(. The nu(ber o) pay(ents is listed as apercenta#e o) total nu(ber o) pay(ents predicted. A su((ary atthe end o) the report provides the nu(ber o) pay(ents predicted,nu(ber o) pay(ents not predicted, and each as a percenta#e o)the total. The report indicates the status o) each pay(ent:

ar000A#in# Detail by !usiness "nithttp://www.core-ct.state.ct.us/reports/docs/ar000.docThis report is used to review the a#in# o) receivables.

ar0003A#in# u((ary by "nithttp://www.core-ct.state.ct.us/reports/docs/ar0003.docThis report is used to review the a#in# o) receivables.

ar0004

A#in# by Chart)ieldhttp://www.core-ct.state.ct.us/reports/docs/ar0004.docThe report lists calculated a#ed receivables by custo(er, ite( andChart5ield selection )or eceivables accounts only. eporte6uest &ara(eters include an as o) data, A business "nit,custo(er 'D, detail or su((ary data, and display options. The runcontrol pa#e provides the user with )le7ibility to select chart)ieldco(binations and to )urther speci)y whether they would lie thereport based on a ran#e o) values or speci)ic values )or eachchart)ield. The report can be subtotaled by chart)ield.

eport is used to (onitor and review a#ed receivables.

ar1001Custo(ers by et'Dhttp://www.core-ct.state.ct.us/reports/docs/ar1001.doc

This report is used to review custo(ers within a set 'D.

ar100%

Custo(ers by "nithttp://www.core-ct.state.ct.us/reports/docs/ar100%.docThis report lists all custo(ers and their addresses within abusiness unit.

ar100 Contacts by et'Dhttp://www.core-ct.state.ct.us/reports/docs/ar100.docThis report lists all contacts and their addresses within a set 'D.

8
http://www.core-ct.state.ct.us/reports/docs/ar21001.dochttp://www.core-ct.state.ct.us/reports/docs/ar21001.dochttp://www.core-ct.state.ct.us/reports/docs/ar21002.dochttp://www.core-ct.state.ct.us/reports/docs/ar21002.dochttp://www.core-ct.state.ct.us/reports/docs/ar30003.dochttp://www.core-ct.state.ct.us/reports/docs/ar30003.dochttp://www.core-ct.state.ct.us/reports/docs/ar30004.dochttp://www.core-ct.state.ct.us/reports/docs/ar30004.dochttp://www.core-ct.state.ct.us/reports/docs/ar30006.dochttp://www.core-ct.state.ct.us/reports/docs/ar30006.dochttp://www.core-ct.state.ct.us/reports/docs/ar31001.dochttp://www.core-ct.state.ct.us/reports/docs/ar31001.dochttp://www.core-ct.state.ct.us/reports/docs/ar31002.dochttp://www.core-ct.state.ct.us/reports/docs/ar31002.dochttp://www.core-ct.state.ct.us/reports/docs/ar31003.dochttp://www.core-ct.state.ct.us/reports/docs/ar31003.dochttp://www.core-ct.state.ct.us/reports/docs/ar21001.dochttp://www.core-ct.state.ct.us/reports/docs/ar21001.dochttp://www.core-ct.state.ct.us/reports/docs/ar21002.dochttp://www.core-ct.state.ct.us/reports/docs/ar21002.dochttp://www.core-ct.state.ct.us/reports/docs/ar30003.dochttp://www.core-ct.state.ct.us/reports/docs/ar30003.dochttp://www.core-ct.state.ct.us/reports/docs/ar30004.dochttp://www.core-ct.state.ct.us/reports/docs/ar30004.dochttp://www.core-ct.state.ct.us/reports/docs/ar30006.dochttp://www.core-ct.state.ct.us/reports/docs/ar30006.dochttp://www.core-ct.state.ct.us/reports/docs/ar31001.dochttp://www.core-ct.state.ct.us/reports/docs/ar31001.dochttp://www.core-ct.state.ct.us/reports/docs/ar31002.dochttp://www.core-ct.state.ct.us/reports/docs/ar31002.dochttp://www.core-ct.state.ct.us/reports/docs/ar31003.dochttp://www.core-ct.state.ct.us/reports/docs/ar31003.doc


6/7


This report will only show results i) the a#ency has enteredcontacts.

ar1003

Contacts by "nithttp://www.core-ct.state.ct.us/reports/docs/ar1003.doc

This report lists all contacts and their addresses within a businessunit. This report will only show results i) the a#ency has enteredcontacts.

ar0001

Accountin# Entrieshttp://www.core-ct.state.ct.us/reports/docs/ar0001.docThis report is used to list accountin# entry in)or(ation byaccountin# date and business unit. Accountin# line in)or(ationcan be reviewed at either a detail or su((ary level.

ar40001

!usiness "nit Activityhttp://www.core-ct.state.ct.us/reports/docs/ar40001.docThis report is used to show business unit activity )or a selected

date ran#e su((ari8ed by entry type and reason code.

F
http://www.core-ct.state.ct.us/reports/docs/ar31004.dochttp://www.core-ct.state.ct.us/reports/docs/ar31004.dochttp://www.core-ct.state.ct.us/reports/docs/ar50001.dochttp://www.core-ct.state.ct.us/reports/docs/ar50001.dochttp://www.core-ct.state.ct.us/reports/docs/ar60001.dochttp://www.core-ct.state.ct.us/reports/docs/ar60001.dochttp://www.core-ct.state.ct.us/reports/docs/ar31004.dochttp://www.core-ct.state.ct.us/reports/docs/ar31004.dochttp://www.core-ct.state.ct.us/reports/docs/ar50001.dochttp://www.core-ct.state.ct.us/reports/docs/ar50001.dochttp://www.core-ct.state.ct.us/reports/docs/ar60001.dochttp://www.core-ct.state.ct.us/reports/docs/ar60001.doc


7/7

Frequently Use !ob Ais

Accounts Receivable avigationhttp$DD.core-ct.state.ct.usDfinancialsDarDdocDarEnav.doc*irect Gournaling

,ee the B#HMonth 2nd Close %uidelineshttp$DD.core-ct.state.ct.usDfinancialsDarDdocDmthndEclsEgdlns.doc#lacing #ayments &n Account

,ee the B#Hrite &ff Bncollectible Receivableshttp$DD.core-ct.state.ct.usDfinancialsDarDdocDriteEoffEbill.doc#etty Cash Reimbursement in Main +usiness Bnithttp$DD.core-ct.state.ct.usDfinancialsDarDdocDpttyEcshErmbrsmt.doc2ntry Types and Reasonshttp$DD.core-ct.state.ct.usDfinancialsDarDdocDentryEtypesEandEreasons.doc

Revieing #ayment #redictor Results,ee the B#HItem Audit istory

,ee the B#H

;
http://www.core-ct.state.ct.us/financials/ar/doc/ar_nav.dochttp://www.core-ct.state.ct.us/financials/ar/doc/mthnd_cls_gdlns.dochttp://www.core-ct.state.ct.us/financials/ar/doc/write_off_bill.dochttp://www.core-ct.state.ct.us/financials/ar/doc/ptty_csh_rmbrsmt.dochttp://www.core-ct.state.ct.us/financials/ar/doc/entry_types_and_reasons.dochttp://www.core-ct.state.ct.us/financials/ar/doc/ar_nav.dochttp://www.core-ct.state.ct.us/financials/ar/doc/mthnd_cls_gdlns.dochttp://www.core-ct.state.ct.us/financials/ar/doc/write_off_bill.dochttp://www.core-ct.state.ct.us/financials/ar/doc/ptty_csh_rmbrsmt.dochttp://www.core-ct.state.ct.us/financials/ar/doc/entry_types_and_reasons.doc

accts_rec.doc

Documents