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Office of Financial Management Services
Auxiliary Accounting |
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Auxiliary Standard Operating Procedures
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| SUBJECT: |
Bursar Accounts Receivable Small Balance Write-off |
| SOURCE: |
Auxiliary Accounting Department, FMS |
ORIGINAL
DATE
OF ISSUE: |
May, 2007 |
DATE OF
LAST
REVISION: |
N/A |
| ASOP NO: |
47.0 |
| RATIONALE: |
To define a maximum amount to be considered a small balance for Bursar Write-off purposes. |
| ASOP: |
Effective May 2007, the dollar limit for small balances (debit or credit) is $25.00. The timing of these small balance write-offs is at the discretion of the Bursar when determined that it is no longer economical to pursue the debt or locate the recipient of the credit. In no case however are these debts to be carried on the books that are one year or older as of the close of each fiscal year.
These small balances are to be charged to object code 5107 (Bursar Accounts Receivable Write-off Expense). These amounts will be reported annually to FMS Accounts Receivable to be included in the annual write-off report for the Board of Trustees.
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RESPONSIBLE
ORGANIZATIONS: |
All Campus Bursars |
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