With the new financial system coming in July 2024, you will have Accounts Receivable capabilities that are not available with our current system. All colleges/divisions will be utilizing this functionality when goods or services are provided to external customers* and payment is not immediately received. This will allow campus business units to align with University guiding principles by maximizing the use of core system functionality and decreasing the use of external or third-party systems.
Some of the features and benefits we are carefully exploring are:
- Applying payments directly against open invoices
- Removing manual processes, including those related to year-end
- Increasing financial clarity by having all accounts receivable information in one system
- Generating invoices and statements in a systemic manner
- Consolidating customer risk profile and collections rather than on the departmental level
- Sending email statements, late fees, and dunning letters
- Standardizing invoice templates and business processes across campus
Efficiencies for each college/division with Accounts Receivable will vary depending on the functionality that they currently have. Many features you will be utilizing depend on sound decisions in developing business processes that are the best solution for the campus community. The project team and Campus Liaisons are working through the details of these processes.
*External customers are generally defined as anyone who purchases and/or contracts for goods or services from the University and pays with funds not already in the University financial system.