- Created by Justin Lytle - Admin, last modified on Aug 05, 2020
Policy identification number: ACCT-0005 | ||
File: Business & Finance Policies > Accounting Service Policies | ||
Bad Debt Write Off | ||
Policy Summary This policy outlines steps that must be taken to designate an account as uncollectible and to remove such accounts from the accounts receivable ledger (e.g. write it off) in order to ensure that the accounts receivable ledger only reflects accounts with a likelihood of collection. | ||
Policy Owner Vice President for Finance and Administration | Approval Date October 7, 2015 | Effective Date October 7, 2015 |
Search Terms vpfa, b, d, bad, debt, write, off | Scheduled for Review Fall 2020 |
Policy Statement
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Reason for PolicyTo establish a policy that guides the College in writing off bad debt. |
Procedures
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ResponsibilitiesFor following policy: The Student Accounts Receivable Office is responsible for maintaining all of the College’s accounts receivable subsidiary ledgers and managing the collection process for overdue accounts. The Office will review and reconcile outstanding receivables monthly. For enforcement of policy: The Controller's Office has primary responsibility for ensuring compliance with this policy by tracking accounts receivable and determining when an account is determined to be uncollectible. For oversight of policy: Vice President for Finance and Administration For notification of policy: Policy Librarian For procedures implementing the policy: The Controller's Office |
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