Business Procedures Manual

Fiscal Affairs Division

10.5 Control Standards

10.5.1 Maintenance of Records-Physical Security

(Last Modified on April 9, 2019)

The physical paperwork providing proof of the receivable, and the electronic records recording the receivable and the continuing balance, should be stored according to current Records Retention Standards published by the State of Georgia. Even though records retention standards may allow destroying of paper documents and related electronic records after a certain period of time, institutions should be diligent in protecting all physical paperwork and electronic records that provide proof of the receivable. These paper documents providing proof of receivables may be very valuable in future collections, and may be checked during audits by state and internal auditors. If electronic archiving of data systems will destroy or make inaccessible these receivable records, then the institution should print and file this information for use.

10.5.2 Breakdown of Control Standards

(Last Modified on April 9, 2019)

Any material breakdown of the record-keeping capability will be reported to the institution鈥檚 chief business officer, who will advise the 六合彩资料大全鈥檚 Chief Fiscal Officer if deemed appropriate.

10.5.3 Reconciliation and Review

(Last Modified on April 9, 2019)

An aged listing of individual receivable balances will be prepared, maintained and submitted in accordance with instructions in Section 10.2.3. Management above the level responsible for supervising the billing and collection follow-up function will review old dated balances. The Controller鈥檚 office will ensure that subsidiary ledger records (including those maintained outside the Controller鈥檚 office) are reconciled to the control account balances at least quarterly.

10.5.4 Division of Responsibility

(Last Modified on April 9, 2019)

Personnel responsible for the following activities will be functionally divided and the divisions maintained as follows (*):

  1. Establishment of charges.
  2. Recording of charges.
  3. Recording of cash collections. When cash is received in payment of outstanding accounts receivable balance, the cash should only be receipted at a designated cash collection points.
  4. Approval of write-off requests and other types of non-cash credits, such as cancellations. Non-cash credits will be approved by management levels above the supervisors of the functional divisions involved.
  5. Processing of documents.
  6. Accounting.
    • All control account input will be approved and transmitted by the Accounting office.
    • A subsidiary record of balances written-off as uncollectible will be maintained.
  7. Billing. Billings to individual debtors will be accessible only to individuals responsible for invoicing.
  8. Collection follow-up.

(*) Compensating controls may be used to mitigate risks for institutions with smaller staffs when duties cannot be functionally separated.

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