FIACCT 06-00_02: Requirements for Recording Receivables

Effective: 01-Jul-1998
Revised: 01-Dec-2019
Reviewed: 01-Dec-2019

Purpose

This policy outlines the requirements for recording Receivables.

Policy

A. State agencies must use FINET to record all Receivables, unless a written exemption is obtained from the Division of Finance and its Office of State Debt Collection (OSDC).

B. Receivables should be recorded, throughout the year, when the Receivable meets the recognition criteria as outlined in the FIACCT 06-00.01 Receivables – Recognition of Receivables policy in this section of the manual. Receivables should be recorded before the money is received. However, if the cash is collected at the time of service or shortly thereafter Receivables do not need to be recorded, except for at fiscal yearend.

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Procedures

FINET entry and processing instructions are found on the training page of the Division of Finance website.

For information on using FINET see the FIACCT 06-01.00 Receivables – FINET Receivable System Overview.

For information on the definition of a Receivable see the FIACCT 06-00.01 Receivables – Recognition of Receivables.