Receipts &

Receivables Log OFFICE OF

GRANTS AND CONTRACTS

This tutorial will allow you to log and route incoming payments

via check and wire. August 2012

RECEIPTS AND RECEIVABLES

Table of Contents

Objectives ....................................................................................................... 1

What are Receipts and Receivables? ................................................................ 2

Processing the Invoice ..................................................................................... 2

Receiving the Payment .................................................................................... 2

RECEIPTS AND RECEIVABLES

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Objectives

When you have completed the Receipts and Receivables tutorial you will be able

to do the following:

Route checks and wire transfers correctly

Process the payment correctly

RECEIPTS AND RECEIVABLES

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What are Receipts and Receivables?

Receipts are the invoices sent from the office and receivables are the forms of

payment sent to our office. We receive payments through wire transfer, cash,

credit card and/or check.

Processing the Invoice

Suhail will generate the monthly, quarterly, and fixed amount invoices. (See

Internal Training: Invoice Procedure) She routes these invoices to the student

worker/intern to copy and mail. The student worker/intern makes a one copy

of the invoice, unless it is a Final Invoice, then the student/intern makes two

copies. The information from the invoice goes into the current Fiscal year

Invoice Log (20XX-20XX Fiscal year Invoice Log). You can find this log on the

share drive in Grants and Contracts > Grants > Account Receivables >

Outstanding Invoices – Receivables Log. The fund #, PI last name, Sponsor

name, end date of period invoiced, date mailed, and amount of invoice is

entered into the log. The copy of the invoice is filed in the Invoice Binder by

month, day, alpha, PI last name.

And now we wait for payment…

Receiving the Payment

Wire transfers or payments will be received within the OGC. Diane processes

the wire transfers and Suhail processes the paper checks. Both forms of

payment are logged into the Fiscal Year Invoice Log. The information input into

the log is the amount paid (full or partial) and the date payment was received.

This information is also recorded in the hard copy of the 20XX-20XX Fiscal

Year Invoice Log located in the front of the Invoice Binder. The invoice copy is

then date stamped.

Attach the invoice copy from the binder to the wire transfer receipt or the paper

check and route to the student worker/intern. The student then copies the

check payments and invoice and routes the originals and copies of all received

payments (wires and checks) to Diane for deposit processing (See Internal

Training: Deposits).

RECEIPTS AND RECEIVABLES

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This concludes the Receipts and Receivables Log Tutorial.

Next

The copies and originals of the received payment are routed to Diane for

deposit.

Who

1. Primary: Suhail Guzman 2. Backup: Stephanie Hendrix

Invoice Process

Wire Transfers

Deposits

Author

Kari E Busard

Training Specialist

Office of Grants and Contracts

East Carolina University

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