Accounts Receivable for Central Office Advanced Concepts Training for Central Office Staff Members Training Basics Take 3 minutes to access the course workbook and complete trainee information then try logging in to the training environment ID: 1027253
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1. Oracle: Advanced Concepts in Accounts Receivable forCentral OfficeAdvanced Concepts Training for Central Office Staff Members
2. Training BasicsTake 3 minutes to access the course workbook and complete trainee information, then try logging in to the training environment Use ‘Chat’ if experiencing technical difficulties or for periodic instructor led Q&A Practice exercises provide step-by-step guidance for users and weekly office hours are available to support learning. Training Resources: https://blink.ucsd.edu/finance/fis-project/fin-training.htmlOracle Training Environment:https://ekgs-dev6.fa.us2.oraclecloud.com/Access Course Workbook:https://ucsd.co1.qualtrics.com/jfe/form/SV_3CwoYEvgfrRcspnAll Participants MutedLogin to Oracle Required Course WorkbookPractice Exercises & Office Hours
3. Covered Topics Collections DashboardAccount StatusReceivables ReportsII. Customer Account CreationI. Introduction to A/R Policy Purpose Customer CreationAging & Collection ProcessIII. Collection Process & ReportingReceivables to GL reconciliationReview and correct variancesOpen/Pending/Close periodV. Oracle: Accounts Receivable for Central Office QuizIV. Reconciliation & Accounting Period
4. Introduction to A/R Policy
5. Establish governing guidelines for how the organization will handle the collection of monies due for services and goods provided. Sets standards and best practices to proactively manage receivables. PurposeCustomer CreationCustomers can only be created and managed by the Accounts Receivable Office staff with the appropriate credentials in the financial system. Requests to create new customers should be routed by departments to the Accounts Receivable Office.Payment MethodsOutline acceptable payment methods (i.e. Cash, Checks, ACH, etc.) and define how miscellaneous receipts will be recorded. Establish centralized payment depositories for the organization business lines. Departments are prohibited from collecting payments.Centralized LockboxLockbox is a depository controlled by the bank. Payments received via Lockbox are deposited to the respective organization account and the payment information is provided to the organization for recording within the financial system. Collection process is streamlined minimizing delays.Aging of Receivables & Collections ProcessIntroduction of application of late fees to delinquent accounts. At 120 days without settlement of the delinquent balance due, the Accounts Receivable Office will send the invoice to a 3rd party collection agency.Billing for intercampus and inter-department transactions will not be processed in the Receivables work area in the financial system; these transactions will be processed within PPM. Billing/Collections/Accounting reports are accessible within the system to aid in managing Receivables, providing reports, and making business decisions.Recharges and ReportingAccounts Receivable Policy
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7. Service Now (SNOW) can be accessed: Blink>Business Tools> SNOWComplete A/R New Customer Setup request formRequest Edits to existing customer accountsAssuming form is complete and accurate, new customers will be available in Oracle within 3 business daysCustomer Account Creation
8. CustomerOrganizationIndividualGovernmentPrivateForeignAccountServicesSupportAdvisingEducationSiteLocalRegionalNationalInternational*Source: Oracle.com
9. Create Customer – Step by Step Process12Navigate to ‘OFC Homepage’
10. 23Click ‘Create Customer’Click ‘Task Panel’Create Customer – Step by Step
11. 46Save and CloseSelect Type > Enter NameEnter Address5Create Customer – Step by Step
12. 8Save and CloseCreate Customer – Step by StepEnter Detail Information7
13. Practice ExerciseCreate a Customer15minutes
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15. Reconciling Receivables to General LedgerAny differences that you find require further investigation and possible correction. Common reasons for differences between transactional amounts and accounted amounts include:Transactions that are not accounted.Transactions with subledger accounts that fall outside the account range of the report.Transaction amounts don't agree with the subledger journal line amounts.Journals are posted to the subledger or general ledger that didn't come from Receivables.Subledger journals were not transferred or posted to general ledger.
16. DEMOReconciliation
17. 12Navigate to OFC HomepageAccounting Period – Step by Step
18. Create Customer - Step-by-step process34Select Manage Accounting PeriodClick on Task Menu5Select UCSD LedgerAccounting Period – Step by Step
19. Create Customer - Step-by-step process6Allowable actionsAccounting Period – Step by Step
20. Create Customer - Step-by-step processError Messaging!Reopen Closed PeriodOpen Future Enterable Period that is not sequentialSuccess !!!
21. Break Time2 minutes
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23. Established rules guide the processCareful monitoring ensures prompt and proactive actionAllows placing collection status to the customer accountAutomation assists with the effortOpen and transparent communication with the customerAssists Senior Management with decision makingAllows reverting to least desired alternatives, such as collections and even potentially write-offsCollections Process
24. Oracle Advanced Collections
25. Collections Dashboard
26. TabInformation to ChangeProfileChange the information related to customer profile such as: assigned collector, business level, preferred contact method of communication, type of payment terms applied, frequency of statement cycle and so on.TransactionsList of customer’s transactions with relevant information such as type, amount, days late, status, unpaid reason, and terms.AgingTotal of unpaid balance by aging bucketsContactAdd or modify the name, phone number, address and email information of the customer.HistoryView history of each dunning event including letters resent.CommunicationList customer communication preferences such as phone numbers, emails, and addressesActivitiesCreate an activity or series of activities and add detailed information needed to follow up with a delinquent customer.NotesSave some additional information about the customer. You can even paste email messages into notes.Managing Collections
27. 1Click on “Profile History”Updating Account Status to Collections Step by Step
28. 2Click on “Actions”Select “Insert” for additional recordSelect “Correct” to modify existing record3Updating Account Status to Collections Step by Step
29. 4* Account Status has to be “Collections”Updating Account Status to Collections Step by Step
30. REPORTING
31. Report TypesLocateRunViewFind desired reportsSearch OptionsManualScheduledOutput FormatDisseminate
32. Navigate to OFC Homepage21Navigating to Reports – Step by Step
33. 4Click ‘Shared Folder’35Click ‘Receivables’Click ‘Financials’Navigating to Reports - Step by Step
34. Select ‘Billing’Locate Report > Select ‘Menu’ > Select ‘Schedule’67Navigating to Reports - Step by Step
35. 79Pop Up comes up, only Bus Unit is required8Click ‘Submit’‘Succeeded’ appears when report is ready to viewNavigating to Reports - Step by Step
36. 9*Ability to schedule report run at a specified time and intervalClick ‘Advanced’ *10Click ‘Submit’10Navigating to Reports - Step by Step
37. “Succeeded” will appear when the report is ready to view3Click “Republish” to view report4Navigating to Reports - Step by Step
38. Click on ‘Gear’ > ‘Export’ > Desired output formatFile Opens > Click it65Navigating to Reports - Step by Step
39. Enjoy 7Navigating to Reports - Step by Step
40. Additional InformationCustomer AccountsAddress Purpose and Points of Contact may be setup at the Account and at the Site level for more granularity Create additional Account Contact Responsibilities and Address Purpose such as for dunning letters, legal, statements, etc.Enter as much information as possible, as it will make the customer profile that much more complete, minimizing miscommunication and potential data duplicationReconciliationProcess to identify discrepancies between transactions within the Receivables sub ledger and the General LedgerAllows for more accurate financial statement reportingAccounts Receivable PolicyFormalized guidance for UCSD Accounts Receivable operationsIntroduces Best Practice/Standards:Term: Net 30 Terms Establishes Collection ProcessLate Fees may be applied to past due invoicesLockboxes to funnel all paymentsCollections ProcessFocuses on proactive approach to collect monies due to UCSDPromotes open/transparent relationship with clientsAllows ranking/grading of Customer based on past performanceAutomation for efficiency and effectivenessAccounting PeriodsGeneral Accounting orchestrates the Opening and Closing of Accounting PeriodsSynchronization across all ledgersReportingVarious reports to manage Receivables operations and make business decisionsAllows for overall high-level view and drilling down by Customer, Business Unit, Financial Unit, etc.Workflow ApprovalPre-established routing rules within the systemApprovals required based on transaction type and dollar amountApplies checks and balances in accordance with Generally Accepted Accounting Principles (GAAP) and industry standards
41. Oracle: Advanced Concepts in Accounts Receivable for Central OfficeQuiz & Training Evaluation10minutes