Accounting Procedures Handbook

ACCOUNTS RECEIVABLE 11.4 ASSETS previous month: o Choose 1 st Sunday of each month to enter payments in Cash Receipt Software for each retiree. o Compare totals on M&T report and Cash Receipt report. o Review AF10 and make any changes, additions, and deletions received from Human Resource Department. o Go to M&T website, create batch. o Print Batch Summary Report o Release direct debits on the date previously designated and approved by the Comptroller. 3. Returned Payments • Yearly o Accounting Manager notifies retiree by certified mail. o Retiree must make payment in full within 15 days of receipt of notice. o Or, the retiree may enroll in the ACH Direct Debit system with the balance due spread over the remaining months. o If retiree fails to comply, Accounting Manager will notify Human Resources to drop coverage immediately. • Monthly Debit o Upon notification of the NSF by the bank, the Accounting Manager notifies retiree by certified mail. o Two returned debits in the same contract year will result in the Accounting Manager notifying Human Resources to drop coverage immediately. C. Out of County Living Arrangements 1. Accounting Manager receives the Out of County Living Arrangements report from MSDE. 2. Accounting Associate I prepares invoice to be sent to the student’s county of residence based upon report reviewed and approved by the Accounting Manager. D. Due from schools (billed as needed) 1. Bus Contractor payments 2. Other Contracted services payments • Note: These are paid by the Board on behalf of the schools because of the need to track contractor payments for 1099 reporting purposes.