Accounts Receivable
University Accounts Receivable
In accordance with Virginia Tech Policy 3605, all university receivables are to be processed through the university's central receivable system that is managed by the Office of the University Bursar (OUB). While there are efficiencies gained by using a central system, there are circumstances under which it is reasonable for a department to have decentralized receivables. A department or unit that wishes to manage receivables, and can provide evidence of efficiencies and the ability to comply with state and university guidelines, whether through an automated or manual system, must get permission from the University Controller. This permission is necessary prior to purchasing software or hardware for such a system. This document is intended to define what is necessary in order to meet state and university guidelines for handling receivables.
The Office of the University Bursar provides accounts receivable policies, procedures, and guidelines; assists departments with accounting for receivables; prepares quarterly reports for the Controller’s Office; and monitors and analyzes university receivables. OUB also ensures that state and university guidelines, as well as the Fair Debt Act, are followed.
Departments using the university’s accounts receivable system are responsible for the following:
Submit charges daily or weekly using the agreed-upon method: the Bursar’s Office batch charge load process or direct entry in TSAMASS.
Notify OUB of the following:
- Payments received: Report payments received by the department before disposition of the payment.
- Adjustments: Before billing on the 15th of each month. Pending financial aid credits may appear on a student bill for no more than 60 days from the billing date when the aid first appeared on the student’s account.
- Disputes: Promptly report disputes involving accounts billed on the department’s behalf.
Reconcile departmental charge records with Accounts Receivable and Banner Finance monthly. Request and review supporting reports, including the Aging Report (TZRAGNG) and Charge and Payment Reports in Strategy.
Maintain original charge documentation in a current file in the department’s office until the account is paid in full.
Respond to inquiries about receivables within 48 hours.
Minimum Credit Information
Departments should obtain the following minimum prescribed information on prospective debtors, whenever possible:
Name: Full name and any previous names, if applicable.
Contact details: Home and office addresses for the past two years; home and work telephone numbers.
Identification: Federal Employer ID number. Social Security number for individuals or sole proprietorships contracting with the university. For other individuals, Social Security number and/or driver’s license number may be requested but is not required.
Employment: Place and type of employment and employer’s address; previous employer if in the present job for less than two years.
General – Continuing Education (CEC), Pharmacy, Catering, Virginia Tech Information Center (VTIC), Library Fines, etc.
Petty Cash – Change fund petty cash account and disbursement petty cash fund.
Short Term Loan – Short-term loans granted by the Office of Scholarships and Financial Aid.
Student – Tuition, fees, and room and board and other miscellaneous charges for student-related expenses assessed by various university departments.
Travel Loans – Loans made to faculty and staff who plan to travel and need cash in addition to the corporate credit card.
Electric Service (ES) – Responsible for providing power for the campus and part of the town of Blacksburg.
Equine Medical Center (EMC) – For veterinary services rendered to patients of the center in Leesburg, Virginia.
Network Infrastructure & Services (NI&S) – Responsible for student telecommunications.
Parking – Generated by the Parking Services Office.
Veterinary Medicine Hospital (Vet Med) – From the College of Veterinary Medicine for services rendered to the patients of the teaching facility.