The Kuali Financial System (KFS) Accounts Receivable module does not allow invoices or credit memos to be posted to a previous fiscal year. All invoices and credit memos that should be posted to fiscal year 2016 must be created and approved prior to July 1. If you do not create the invoices and credit memos in June, you will need to accrue the receivables. For assistance, please contact Accounts Receivable at firstname.lastname@example.org.
Write-Off of Receivables
IU Policy FIN-ACC-I-500 requires that Accounts Receivable balances over 12 months old lacking current productive activity are to be written off on or before June 30, 2016. Data for the write-off of accounts receivable will be collected and summarized for the Executive Management in the first quarter of the next fiscal year. A detailed listing of all write-offs for fiscal year 2016 must be reported to FMS Accounts Receivable by August 31, 2016. More detail about write-offs, including a timeline and reporting requirements, can be found on the FMS Write-off webpage. If you are unclear as how to write-off a receivable, please contact Accounts Receivable at email@example.com.
For detailed instructions on the write-off procedures, please refer to ASOP #6: Allowance for Doubtful Accounts and Write-offs for Non-Student Accounts Receivable.