About Accounts Receivable Reporting and Reconciliation
Reconciliation confirms that your account balances in the General Ledger are accurate and can help you identify and correct any discrepancies. Two tasks are required to complete an accounts receivable reconciliation: reviewing customer invoices outstanding and ensuring your total accounts receivable balances agree with the outstanding amount.
How often you reconcile your accounts receivable and when is determined at the unit level; follow established departmental procedures and guidelines. You may also review the University Controller's Reconciliation Guidelines for additional guidance.
Contact your Senior Fiscal Officer, Cost Center Manager, or other departmental finance leader with questions about reconciliation.
Customer Invoice Lines with Cost Center
This report provides a list of invoices along with their payment status, aging, collections status, and more. Use it to reconcile open receivables and to follow up with customers who are past due but have not yet been transferred to Collections. Accounts more than 60 days past their due date are transferred to University Collections.
Questions this report can answer
This report can help you answer questions such as:
- Which of my invoices are paid? Which are unpaid or partially paid?
- Which of my invoices are still outstanding and which customers are they connected to?
- How far past due (aged) are my outstanding invoices?
- Which of my invoices have been transferred to Collections? Are they in Collections at Ohio State or have they been transferred to the Ohio Attorney General?
- Who is the Collector assigned to my invoice(s) in Collections?
Recommended Filters
The following filters are recommended to aid in finding outstanding invoices. Other filters may be required, depending on your business need.
- Company = The Ohio State University
- Cost Center = Your Cost Center Value(s)
- Balancing Unit = Your Balancing Unit Value(s)
- Fund = Your Fund Value(s)
- Invoice Date Greater Than or Equal To = beginning of reconciliation date range
- Invoice Date Less Than or Equal To = end of reconciliation date range
- Invoice Status = Approved
- Invoice Type = Standard External (in most cases – if you use another invoice type, select it instead)
- Invoice Payment Status = Partially Paid; Unpaid
Notes
- This report returns invoice lines as the unique identifier/primary object, not the invoice number. If you are reporting on total number of invoices, be sure to remove any duplicates that result from invoices billed with multiple lines.
- The Amount Due column on this report returns the total dollar amount billed for an invoice; the Extended Amount column displays dollar amounts for individual invoice lines.
- Payment application (which payment paid which invoice) cannot be determined using this report.