Accounting |Introduction |IFR Billing and Collections | IFR Billing and Collections - Project Collections
Financial Procedures Manual: IFR Billing and Collections
For certain programs, it is more practical to collect funds at the time of service rather than issue an invoice. In these cases, specific approval is granted by the Accounting Office for the program to collect revenues directly.
Approval will usually be granted for the following types of activities:
- Collection of fees and fines
- Late receipts or event admissions
- Vending operations
- Conference fees
When collections are made at the time a good or service is provided, the following basic controls must be in place:
- Cash, checks, credit cards or money orders are acceptable forms of payment.
All checks or money orders must be made payable to the "University at Albany" and indicate the IFR program and account number.
- A cash register receipt or press-numbered receipt should be issued for each transaction, regardless of the form of payment.
If a press numbered receipt system is used, a receipt should be completed for each payment received. The receipts, receipt numbers, and transaction sequences should be maintained and controlled by the project director. The receipt forms should be duplicate:
One copy given to the client
One copy retained by the project as a record of daily transactions.
If a cash register is used, the journal tapes from the register should be retained by the project director as a record of daily transactions.
New York State Laws require that receipts and/or cash register journals be retained for seven years.
- Collections should be balanced daily to the total of the receipts issued. If possible, the reconciliation of collected funds should be done by someone other than the person responsible for collections.
- All collections must be remitted intact to the Bursar, as specified in ATTACHMENT IV-4.
- If necessary a small change fund may be authorized by the Accounting Office for the program to make change. (ATTACHMENTIV-5).