osp a/r training part 1 banner vs. access database invoicing vs. letter of credit part 2 application...
TRANSCRIPT
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OSP A/R Training
Part 1• Banner vs. Access Database• Invoicing vs. Letter of Credit
Part 2• Application of Payments• Reconciling and Revenue Corrections• Best Practices
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Grants Billing Module vs. Access A/R Database
• Grants Billing• Module in Banner• Automation• Entry of Receivable Using Revenue Account
Codes • Expectations for the Future
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Grants Billing Module vs. Access A/R Database
• Access A/R Database• Shadow System• Monitors “True” Accounts Receivable• Process
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Grants Billing Module vs. Access A/R Database
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Invoicing vs. Letter of Credit
• Letter of Credit• Award Conditions• Types• Reporting Requirements• Timing• Expectations of Fiscal Managers/OSP Specialists
» Current Authorized Amount» End Dates» Corrections» Final Reports and Approval from Financial Officer
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Invoicing vs. Letter of Credit
• Invoicing• Formats
» MSU Standard Invoice (preferred)» MSU Lump Sum» SF-270 » Agency Specific Formats
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Invoicing vs. Letter of Credit
• Reports• Not a Mechanism for Requesting
Reimbursement!• SF-269 (Long and Short Form)• SF-272 Federal Cash Transaction Report
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Invoicing vs. Letter of Credit
• Invoice Checklist» See Handout
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Application of Payments
• Payments from Sponsor
• What happens when the Sponsor sends the check to the dept?
• Abatements• Service Centers, Invoice Credits
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Application of Payments
• FRAAREV• Detail Codes
» GCSH» GWIR» GIUJ» GSUB» GCOR» PCON
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Application of Payments
• Checks vs. Electronic Payments• Checks Process• Wires
» 42RGC (Clearing Account)
• Banner Screens• FRAAREV• FRIBDET• FRIGSUM
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Application of Payments
• Documentation Available• Check Logs• Copies of Check Stubs + Deposit Slips• Inter Unit Journals & Wire Payment Paperwork
• Utilize the A/R staff, we can help identify and find the needed documentation
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Reconciling Revenue
• PCON Conversion• 1257 active grants, 76 remaining from
conversion• Ties back to FRIGITD
• Worksheet Example• See Attachment
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Revenue Corrections
• Grant to Grant
• Grant to Non-Grant & Vice-Versa
• Returning Funds to the Sponsor• See Attachment
• Approvals
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Sponsor Non Payment
• 2nd Requests
• Follow –up Phone Calls
• Letters
• Legal Council• Prior approval from Financial Officer or Mgmt
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Helpful Reports
• ICHIBAN• Cash Management Report• Find Payment Report• Billing Summary Report
• FRAAREV• Downloading Detail from Banner
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Best Practices• Follow Billing/Invoicing Matrix• Set Billing Minimums• Use the Cash Management Report to Confirm Invoice
Output• Utilize the MSU Report as a Tickler Rather Than an
Invoice Format• The ITD Always Accompanies an Invoice• Rollups- Provide Pmt Details to A/R Staff• Bring Invoice Errors to A/R Team’s Attention• Negotiate Invoicing Language if the Sponsor is Requiring
Detailed Back Up• Private Sponsors With No Stipulations- Bill Them Upfront
Grant Billing is not an Option, IT IS A REQUIREMENT