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Queen's University
 

New Accounts Receivable Process

In alignment with our goals of continuous process improvement and enhancing the overall management and monitoring of revenues and receivables, Financial Services has developed a new process for the recording and tracking of Accounts Receivable, which is to be used for all billings to external parties.  This new process will ensure that revenues are recorded appropriately at the time of billing, and allow for the tracking and monitoring of all amounts owed to Queen’s from external parties. 

The guidance material on the website is intended to provide the detailed information required by staff to administer Accounts Receivable invoicing at Queen’s.  This material covers subject matters including making the decision to invoice, preparing an invoice, recording invoices issued, processing payments, issuing credit notes, tracking outstanding invoices, and collection responsibilities.  This guidance material can be found on the Faculty/Staff tab, in the Receiving Payments section as well as on the Procedures tab, in the Accounts Receivable section.

Two template forms have been developed – the Queen’s Invoice Template and the Queen’s Credit Note Template.  These were developed to assist Queen’s employees in preparing invoices and/or credit notes to external customers for goods and/or services provided.   The use of these template forms and the related standard invoice numbering will promote consistency, aid in the tracking of outstanding balances, and ensure that payments received can be applied appropriately.

The video tutorial, ‘Accounts Receivable – Preparing and Processing Queen’s Invoices’, will guide you through the basic steps in preparing an invoice and recording the related accounts receivable journal entry.  Knowing how to properly prepare your invoices will ensure that your external sales are properly documented and accounted for, which will aid in your dealings with external customers, and assist you in effectively managing your outstanding receivables. 

Any questions regarding the accounts receivable process, or the templates for invoices or credit notes may be directed to General Accounting staff at accounts.receivable@queensu.ca.

Kind Regards,

Queen's Financial Services

Kingston, Ontario, Canada. K7L 3N6. 613.533.2000