Accounts Receivable

How do I process a EFT payment?

Go to this Web site for instructions.

---

Why do I receive an "out of balance" message when preparing a departmental deposit in the Accounts Receivable (AR) module?

When entering a Departmental Deposit (navigation: Accounts Receivable > Payments > Online Payments > UM Prepare Deposit), you may receive a dialog message stating that there is an out of balance condition. This is not truly a problem within the Accounts Receivable module. It is an error condition that occurs when edit routines detect an out of balance deposit.

Background on functionality: The UM Prepare Deposit page is used to enter deposits that will be brought to a Bursar Office location for processing, or for the entry of University deposits that will be deposited at a local bank.

After required data is entered and saved, the preparer clicks on the 'Print Deposit Detail Report' button in the upper right corner of the page. This will place a job in the processing queue that, when complete, will result in the display of the Deposit Detail Report on the screen in a separate window. The preparer can then print the Deposit Detail Report to a local/network printer and bring the report along with the items to the Bursar Office or bank for final processing.

There have been a number of cases where the preparer enters the 'correct' dollar amounts in the Distribution Line window and when they complete the entry, they get a dialog window stating that the Distribution Line(s) Amounts do not balance to the Original Deposit Amount. In most cases, preparers check the dollar amounts and they are the same. Since we are using a double entry accounting system, the transaction must 'balance' and accordingly, any entry in the Distribution Line section of the page where the Original Deposit Amount is positive (+) must be entered as a negative (-).

For example, let's say the Original Deposit Amount shows as positive (+) 66.28.

When the preparer creates the Distribution lines to enter the Chart of Accounts information, the Line Amounts must be entered as a negative (-) value totalling the Original Deposit, or (-) 66.28.

See exhibit page; on it there are two sequence lines in the Distribution Lines window. Sequence Line 1 is an entry for -61.65 to Fund Code 1026 (Account 520601) and Sequence Line 2 is an entry for -4.63 to Fund Code 1026 (Account 720802). The total of these two sequence lines is -66.28. This entry will now 'balance' because the total of the Distribution Line(s) entered offsets the Original Deposit Amount of +66.28.

---

How will the "lockbox" functionality work?

Bills entered at the cluster level will include the revenue distribution chart string for each item. When payments are received at the lockbox, AR Services will apply the payment based on the revenue chart string the billing preparer included on the bill.

Return to top of page

---