At the end of each month, you must send invoices and/or statements to the account contact/customer to obtain payment for outstanding A/R balances according to the dates noted in the procedures below.
It is important to understand the difference between an invoice and a customer statement.
- Invoice: A legal bill issued by Follett to the account contact/customer that itemizes the sales to the customers/students per the Credit Account Agreement. The account contact/customer is responsible to pay according to the terms stated on the invoice and Credit Account Agreement. The payment terms are Net 30. This means, the balance is due within 30 days of the invoice date.
- Customer Statement: A statement of activity that summarizes open/unpaid invoices. Use a customer statement to collect on unpaid invoices, or to collect on major accounts which cannot be invoiced in CARRR, such as Datatel and campus cards.
End of Period Processing and Billing
Complete these tasks, verify that accounts are accurate, and then create month end statements to send to customers for payment.
- Review the A/R Control Log for the month
- Review proposed finance charges
- Review proposed service/handling fee charges
- Apply finance charges and handling fees
- Review Billing Maintenance
- Correct invalid transactions and payments
- Record campus card fees
- Create invoices and customer statements
- Review the Summary Aging by Major Report