Billing customers should be done in a consistent and timely manner. Larger projects that span over a larger time period can be billed periodically for work that has already been completed on a cost milestone basis.
All internal sales should not be billed until the service (work) is completed (i.e. prepayment of services is not allowed). For example, a customer cannot prepay for services to an FSEA because the FSEA does not have the money to incur costs for producing a requested product.
Billing should be completed using an Expense to Revenue (E2R) journal entry crediting a Revenue Account Code (4xxxxx) and debiting an Expense Account Code (7xxxxx). Backup supporting the charge must be attached to an E2R journal entry for it to be posted (preferably an invoice).
Internal billing transactions must be processed as soon as possible after the goods/services have been provided, ideally within the same month, but no later than 45 days after the goods/services were provided.
If the billing unit does not bill within 45 days of the date the goods/services were provided (assuming a valid ChartField string with adequate budget was provided by the customer), the billing unit may be responsible for the total amount due.
Collections: Billing discrepancies must be resolved no later than 60 days after delivery of goods or completion of service.
Billing to external customers should be completed through issuance of an invoice and recording revenues in account 440500 Sales & Services – External for most services.
Guidelines for Minimum Invoice Requirements (In Progress)
Sample University Invoice (In Progress)
Auxiliary Accounting: (352) 294-7236