Financial Operations - Student Financial Services
Tuition, fees, room and board charges are due according to the following schedule:
Spring Term 2019: April 30, 2019
Spring/Summer Term 2019: April 30, 2019
Summer Term 2019: June 30, 2019
Fall Term 2019: August 31, 2019
Winter Term 2020: January 8, 2020
Tuition and fee charges for Medical School student are due according to the following schedule:
Fall Term 2019
First Year (M1): August 31, 2019
Second Year (M2): September 30, 2019
Third Year (M3): August 31, 2019
Fourth Year (M4): July 31, 2019
Winter Term 2020
First Year (M1): February 29, 2020
Second Year (M2): March 31, 2020
Third Year (M3): January 8, 2020
Fourth Year (M4): January 8, 2020
Your official tuition assessment occurs at registration. For Information on current tuition and fee rates, please visit the Office of the Registrar's Tuition and Fees web page.
Students must provide authorization for Student Financial Services to discuss (verbally via phone/in-person or by email) student account information (eBills, 1098T form, etc.) with others.
Student Financial Services will communicate only with individuals the student authorizes.
The Student Business Information Authorization Consent is in addition to any current authorization providing electronic access to student account information. For additional information on how to provide Student Business Information Authorization Consent to others, please see Parents & Family Authorization.
Yes! The U-M Payment Plan is OPTIONAL. Students do not have to participate in the plan. The U-M Payment Plan allows payment of tuition, miscellaneous fees, room/board, entree plus, and other miscellaneous fees charged to the student's account in 5 installment payments for Fall or Winter terms.
Fall term payments are due monthly June 30 through October 31.
Winter term payments are due monthly November 30 through March 31.
For additional information, visit the U-M Payment Plan section of the Student Financial Services' website.
Sponsored students are those students that are registered and require the University of Michigan (U-M) to bill an outside sponsor for tuition and fees while they attend the U-M.
Click here for more information.
Monthly student account bills are available electronically in the form of an eBill. Students will receive a monthly email notification sent to their U-M email account when the eBill is ready for viewing/printing. Students access their eBill via the Student Business Page in Wolverine Access. Once on the Student Business Page, select "View Bills" under the Financial Information section.Students may designate up to 4 additional individuals to receive access to each monthly bill. Parents/Family can access the eBills through Wolverine Access as well when the following steps are completed:
- Designate email address for access
Student designates email address to receive access to his/her on-ling student account bill, summary, and 1098T form. Use the following link for more information on this process: (link to "Parent/Family Authorization for Student Account Access").
- Create secure login for email address
The authorized Parent/Family member must create a U-M "Friend" login (secure login for U-M computer system) if he/she does not have a U-M email address. If he/she does have a U-M email address, the U-M email address can be designated by the student in the step above and a "Friend" account would not be needed. Please use the following link to create a "Friend" account if needed: http://documentation.its.umich.edu/node/305/
- Email notification
Each time a bill is generated, all designated email addresses will receive an email notification that the eBill is available.
- Login to View/Print eBill
The email notification will direct Parent/Family members to Wolverine Access to view/print the eBill using their U-M logon or "Friend" account logon. Once in Wolverine Access, select My Student's Information under Parents & Family, login, select View Bills, and select the month of the bill to be viewed/printed.
Student Financial Services requires the student's UMID number for all business transacted in the office along with a valid picture identificaiton. To discuss a student's account, one piece of picture identificaiton (preferably the student's MCard) is required. Teller services requires two pieces of valid identificaiton (preferably the student's MCard and either a valid drivers' license or passport) for most business transactions.
The Cashier's Office requires two pieces of valid identification. One piece should be your UMID card and the other piece should be either a driver's license of passport. The Cashier's Office needs your UMID number for all transactions processed.
Student loans are applied for and administered through the Office of Financial Aid. For more about student loans, visit Office of Financial Aid's website.
The following student loans are repaid through the U-M Student Loan Collections Office:
- University Loans
- Perkins Loans
- Health Professions Loans
- Medical School Loans
- Law School Loans
- Emergency Loans
Please note that National Direct Loans are serviced by and and repayment is made through approvd agencies of the U.S. Department of Education.
You may contact the Student Loan Collections Office as follows:
Student Loan Collections
6000 Wolverine Tower
3003 S. State Street
Ann Arbor, MI 48109-1287
Phone: (734) 764-9281
Toll Free: (800) 456-0706
Fax: (734) 647-3804
Tuition rates are established each summer for the upcoming academic year, as approved by The Regents of the University of Michigan. Visit the Registrar's website for a complete list of tuition and fees.
If participating in a non-U-M Payment/Budget Plan, term charges are still due according to the U-M due dates for the term. Failure to meet the U-M's payment due dates will result with a financial hold being applied to the student's account as well as the assessment of late payment fees.
The U of M does not accept credit cards in payment of student tuition bills.
This means that the account balance is a credit balance ... which means that the U of M owes the student money! The credit balance can be left on the account to cover future charges or a refund can be issued.
You may contact the Student Financial Operations Office to request a refund.
Student bills include tuition, fees, and costs for residential housing (room and board).
Consistent with current practice, students (and authorized Parent/Family) will receive an e-mail that the eBill/invoice is ready for viewing in Wolverine Access approximately three weeks before payment is due.
The amount due will be updated on Wolverine Access through the due date (in real time) to reflect changes that take place during this time.
Changes made after the due date will be reflected in the next months' eBill/invoice.
Tuition and fee charges will appear on the bill if the student is registered for at least one course prior to the generation of the bill.
Students who enroll, or increase enrollment, after the term bills have been generated will have tuition and fee charges calculated the night of enrollment and these charges will be applied to their student account. The charges will not be billed, however, until the next billing cycle.
Financial Operations - Payroll - Time Reporting and Leave Data
If you need to correct a hardcopy time report that has already been submitted, contact your departmental HR representative or departmental timekeeper to discuss the correction process that is used in your department.
Employees with approval from their supervisor are eligible to use 3.0 hours per week (pro rated based on percentage of effort) for educational time.
Leave of Absence begins on the first full, unpaid day after the appropriate leave balances are exhausted.
Termination begins the day after the last day worked. However, the vacation/PTO accrual for the month is based on the last day worked.
When a death occurs in an staff member's immediate family, the University provides up to 3 days (a maximum of 24 hours) paid time off. The immediate family consists of a staff member's spouse or same-sex domestic partner (with whom the staff member shares living accommodations and expenses); the son, daughter, parent, grandparent, grandchild, brother, sister (or spouse of any of them), of either the staff member or the staff member's spouse/same-sex domestic partner.
If you have received pay for jury duty, documentation must be provided to your supervisor and the days spent on jury duty must be reported on your time report.
The required documentation and reporting information are discussed in Standard Practice Guide 201.29: Jury and Witness Service.
If you have additional questions, contact the Pay / Timekeeping Section.
For information about when you can use Season Days/hours, please see Section II of Standard Practice Guide 201.26-1: Season Days.
The number of hours that you are eligible to use for Season Days is 32 hours multiplied by your appointment percentage.
No. Extended sick time is only available for use for the staff member's illness.
Family care time (SKF) is subtracted from your short term sick balance. You are allowed to use family care time to care for an incapacitated, ill, or injured family member; including taking them to preventative medical and dental appointments. Family care sick pay is also available for employees who are unable to work because they are caring for their newly born, new adopted or newly fostered child. Staff members may use sick time pay for this purpose only during the year following the child's birth or arrival in the home.
"Family members" include the staff member's spouse or same-sex domestic partner (with whom the staff member shares living accommodations and expenses); the child, sibling, parent, grandparent, or other related individual whose care is the responsibility of the staff member, spouse, or same-sex domestic partner.
You are eligible for the following family care hours (SKF) prorated by your percentage of effort:
Non-Exempt Employees 120 hours
Exempt Employees 120 hours
Trades Employees 24 hours
IUOE Employees 48 hours
POAM Employees 48 hours
After you have exhausted your family care balance, additional family care absences can be taken from your vacation balance by using the time reporting code FCV on your time report.
After termination of employment, you are eligible to be paid for the remaining hours in your vacation balance. Your final vacation payout is made once your department processes your termination paperwork AND all time reports have been received through your last day of work.
For monthly-paid staff (pay groups MOR or MPP), vacation/PTO accrual is available on the first of each month.
For biweekly-paid staff (pay group BWC), vacation/PTO accrual is available at the beginning of the pay period which contains the first of the month.
For information about your accrual rate, please contact your departmental Human Resource representative or your departmental timekeeper.
Non-exempt, non-bargained-for staff members begin accruing vacation at the rate of 1 day per month when hired. The accrual rate increases to 1.5 days per month after completing 5 years of service and increases again to 2 days per month after completing 8 years of service.
Exempt staff members accrue vacation at the rate of 2 days per month when hired. The rate does not increase.
For additional information about vacation accrual, please contact your departmental Human Resource representative or your departmental timekeeper.
Exempt and Non-exempt (non-union) staff members do not accrue vacation while using extended sick time.
Only staff members covered by the following union contracts accrue vacation while using extended sick time.
If you have questions about extended sick time with half pay, please contact the Pay / Timekeeping Section.
If you have questions about using your extended sick time, please contact your supervisor or your departmental HR Representative. A case may be created with Work Connections and you may be contacted by a staff member from Work Connections (734-615-0643).
An employee may use extended sick time for a:
- single disabling incident of illness or injury for more than 10 consecutive working days
- chronic disabling conditions requiring periodic absences from work
- pregnancy, where the staff member's physician has attested to the need for the non-contiguous absences
You are eligible for extended sick time after completing one full year of employment, provided you are actively at work at the end of the first year.
The maximum you can accrue is 24 times your monthly accrual.
For example, if you accrue 16 hours in a month, 24 times 16 is 384. If you accrue 8 hours in a month, 24 times 8 is 192.
Financial Operations - Payroll - Tax
To assist in calculating your federal, state and local tax withholdings, use the form Calculating Your Taxes. If you need other help with your federal taxes (i.e. where to file tax forms or how to find forms for filing your taxes), the IRS Home Page below is a good starting point.
The taxability depends on the use of the funds. The University, as a withholding agent, is not required to report or withhold on this money unless the recipient is a nonresident alien. The University's Tax Department conducts seminars on this topic and has compiled a document on this subject which you may view by clicking here.
You may have to amend a previously filed Form 1040 Tax Return if you experienced changes in your Federal taxable income. You may have to amend a previously filed state tax return if you experienced changes in your state taxable income.
The following link will take you to a log in page. You will need to log in to view this material. No MToken is needed.
Financial Operations - Payroll - Foreign Students, Faculty and Staff
Financial Operations - Payroll - Faculty and Staff Resources
You should call the department administrator listed in the bottom, right-hand corner of the overpayment letter.
Employees who notice any discrepancy on their paychecks should contact their departmental HR respresentative and/or departmental timekeeper
Contact the Accounts Payable and Travel Office at (734) 764-8212.
Employees with questions about PTO balances or accruals should contact their departmental timekeepers.
For PTO policy questions, contact the Health System Human Resources Office at
Department Representatives or timekeepers with questions about PTO for their staff should contact Health System Payroll at (734) 764-3125 - opt 5 and follow the prompts.
There are several types of deductions. There are the benefit deductions (medical, dental, vision, etc), convenience deductions (parking, United Way) and court-ordered deductions (Friend of Court, Writ of Garnishment, Tax Levy). For assistance, please contact the Payroll Deductions Section.
Multiple deductions occur when a regularly, scheduled deduction is missed. This can happen for several reasons: 1) when the eligible compensation does not support the deduction, 2) when a paycheck is not issued, or 3) when the goal amount of the deduction has been reached. For assistance, please contact the Payroll Deductions Section.
To have your benefit premiums automatically withdrawn from your checking or savings account, complete the Agreement for Preauthorized Benefit Premium Payments form and forward to the Payroll Office. The Payroll Office will withdraw the benefit premiums from the account indicated on the 20th of each month. For more information, please contact the Payroll Deductions Section.
If you have received an award, such as a gift card or cash, the paycheck may be a manual adjustment to reflect the award value in your Form W-2. These paychecks can be identified by the check number which is 9999X. For assistance, please contact the Financial Services - Accounting area of the Payroll Office (734) 647-3988.
Financial Operations - Payroll - Department Administrator Resources
For those departments that pay awards or bonuses and would like the individual to receive a specific amount of net pay, use the PeoplePay web tool to access the "Request or Record Payment of Awards, Prizes, or Gifts" form. PeoplePay can be found at Wolverine Access - University Business. In the "Special Instructions" box on the form indicate that the payment should be grossed-up for taxes. The Gross-Up Calculator provides information about the award/bonus amount that will appear on the department's Gross Pay Register.
You should contact the Financial Services - Accounting area of Payroll by calling (734) 647-3988.
Please see the Benefits Office website chart to assist in calculating the fringe benefit rates. http://www.umich.edu/~benefits/webaz.html
An allocation is run in the General Ledger at month end which sums the balances in the ledger for designated accounts. The sum is multiplied by the BRD rate. The result is the BRD assessment.
To view the current rate and the historical BRD rates since July 1, 2001, see the Historical Rates section on the Benefits Recharge Distribution page.
The benefits recharge distribution is not restricted to payroll journals. It is based on the balances in the Actuals Ledger for the designated accounts. Any journal done during the month which hits one of the designated accounts will be reflected in the Actuals ledger balance, and thus will be part of the benefits recharge distribution calculation.
The journal ids begin with "BRD" and hit account 597750. The BRD assessment is assessed to the same set of chartfields as were found on the Actuals ledger, except that the account used for the BRD assessment is 597750.
The journal ids begin with "BRD" and hit account 597750. The BRD assessment is assessed to the same set of chartfields as were found on the Actuals ledger, except that the account used for the BRD assessment is 597750.
The Office of Financial Analysis, Office of Budget and Planning, UHR, and Payroll determine which accounts should be included in the benefit recharge distribution. The list of designated accounts is maintained by Financial Operations in a tree in the financial production database, the UM_ACCT_BRD tree.
Financial Operations - Financial Reporting
It is. Some of the past Financial Reports are located in the Consolidated Annual Report area of the Financial Reports section of this website. For anything earlier, please contact the department directly at (734) 764-4284.
Financial Operations - Teller Services
If your purchase was tangible of nature and under $200.00, you may be eligible to get a petty cash reimbursement.
Financial Operations - Student Loan Collections
Student loans are applied for and disbursed through the Office of Financial Aid. Student Loan Collections (SLC) handles repayment of outstanding loan debt.
No. You can contact the Student Loan Collections (SLC) Office directly to make changes or make changes via our billing service, Heartland Campus Solutions/ECSI, website at www.heartlandecsi.com.
It is a requirement for all students who have borrowed through any federal or Ross School of Business/Credit Union loan programs to complete an exit interview when they graduate, withdraw, or drop below half-time attendance.
Contact the Office of Financial Aid at (734) 763-6600 or visit their website at: www.finaid.umich.edu
Yes, go to www.heartlandecsi.com.
You will need your PIN, located on your statement, and our school code S5.
Contact the Student Loan Collections Office at: (800) 456-0706 or (734) 764-9281.
Or email us at: email@example.com
Checks, money orders, and cashier's checks should always be made payable to the University of Michigan and include your name, UMID, or the last four digits of your social security number. If you don't have a statement from our billing servicer, Heartland Campus Solutions/ECSI, you can remit directly to our office:
Student Loan Collections
3003 South State Street
6000 Wolverine Tower
Ann Arbor, MI 48109-1287
Yes. Our office does accept payment from the following credit or debit cards: MasterCard, VISA, Discover and American Express. Our billing servicer, Heartland Campus Solutions/ECSI, can also accept credit card payments. Please check out their website at www.heartlandecsi.com. There may be service fees associated with these transactions.
No. Our office does not accept cash payments. These payments can be made at the Cashier's Office locations including Dearborn and Flint. Be sure to let the cashier know you are making a student loan payment.
Yes. Our billing service, Heartland Campus Solutions/ECSI, is equipped to handle ACH payments. Please access your account via their website at: www.heartlandecsi.com. You'll need your PIN and our school code S5.
Federal regulations require lending institutions to report federal student loans to the national credit bureaus from the time of disbursement.
Student Loan Collections reports your credit history through our billing service, Heartland Campus Solutions/ECSI. Each loan is reflected on an individual's credit report as a "tradeline".
Failure to make payments as scheduled, or file forms in a timely manner to defer payments, may result in negative reporting to the credit bureaus.
Student loans are not dischargeable in bankruptcy unless you can prove undue hardship in a court of law. Consult with a bankruptcy attorney for details.
You may pay all or a portion of their loan at any time without penalty. Payments are applied to outstanding collections costs, late fees, and interest charges before being applied to the principal. The balance of the loan is not reduced by the total payment amount; it is reduced only by the amount applied to principal. If no other charges are due, the entire payment is applied to principal. If your loan is not paid in full after a payment of this type you must continue making your scheduled monthly payments on the balance to avoid a past due situation.
Student Accounts Debts include: Tuition, Housing, Telecommunications, Health Service, International Health Insurance, MDENT Dental Insurance and Childcare Tuition.
We will notify you by letter that the debt has been transferred to us and that you should contact us immediately to discuss arrangements for payment.
Our billing service, Heartland Campus Solutions/ECSI will begin sending you statements.
A $10.00 late fee will be assessed monthly to each category of debt that was forwarded to us for collection. For example: delinquent Housing and Tuition are transferred to us. Late fees would total $20.00 each month. These fees continue until a debt has been paid in full. If we are unable to resolve this debt it will be forwarded to a collection agency and begin reporting to the credit bureaus.
Yes. When making a payment that represents future installments you must check the appropriate box on your statement stub or provide a letter stating the payment represents future installments. Payments made in excess of the amount billed/owed and received without instructions will be applied to reduce the loan in accordance with federal regulations.
Heartland Campus Solutions/ECSI is the billing servicer for The University of Michigan. They produce the statements for outstanding loans, federal and institutional, held by the University of Michigan. In addition, delinquent Student Accounts debts transferred to our department are billed through Heartland Campus Solutions/ECSI.
Financial Operations - Accounting Operations
Email Address: firstname.lastname@example.org
Department Fax: 647-3804
Campus mailing address: 6000 Wolverine Tower, 1287
External mailing address: 6000 Wolverine Tower, 3003 S. State Street, Ann Arbor, MI 48109-1287
Financial Operations - Accounting Operations - Expendable and Endowed Gifts
In 1995, the Regents approved a policy that called for distributions to be made at an annual rate of 5.0% of the 1 quarter lagged, 12 quarter moving average market value of fund shares, provided that distributions do not exceed 5.3% of current market.
In June 2006, the Board of Regents approved a change to the University's endowment spending rate policy and extended the moving average period from 12 quarters to 28 quarters, with implementation to be phased in over the next three years.
Effective July 1, 2010, the Board of Regents approved a change to the University's endowment spending rate policy which will slowly lower the rate from 5% to 4.5% over the next few years while holding the dollar amount of the distribution level until such time as the rate equals 4.5%.
Possibly. If the donor documentation contains language that allows for reinvestment, then it is allowable. If the donor documentation does not contain the needed language, then we recommend that you have a development officer contact the donor(s) to receive their written approval, otherwise, reinvestments will need to be made into a Quasi-Endowment.
An example of the Standard Reinvestment Language is:
"Any surplus distributions from the Fund during any period may be accumulated for later use for the above purposes or may be added to the principal of the fund at the University's discretion."
There are four types of quasi-endowments.
Quasi restricted endowments are the most common and are created using gift money or unspent distributions from true or quasi restricted endowments and must adhere to the donor-directed restrictions placed on the funds.
Quasi permanents are created when, as a condition of the donor agreement, the University must match the donors gift and the principal may never be withdrawn.
Quasi unrestricted endowments are created using unrestricted sources such as designated or auxiliary funds.
Quasi specific funds are one of the three types of funds above, but established with specific restrictions regarding the investment of the fund. For example, a donor may establish a quasi endowment, but require their gift only be invested in high grade government bonds. Quasi specifics are not a part of the endowment pool, and distributions are made on an individual basis.
True, quasi restricted, and quasi permanent endowments must all distribute to fund 30000, because the purpose is donor-directed. Quasi unrestricted endowments must distribute back to an unrestricted fund, i.e. designated or auxiliary. These funds may not distribute to fund 30000 because unrestricted funds cannot be commingled with funds restricted by donor intent.
Book value is the sum of all gifts and reinvestments into the true or quasi endowment. Market value is the current value of the fund. Market value is calculated by multiplying the number of shares that the true or quasi endowment owns in the endowment pool by the then current share rate. In other words, book value is a historical number based upon what has been invested, and market value is what that investment is now worth.
If a gift is placed erroneously into a true or quasi endowment, a Gift Transfer Request Form should be completed and submitted to your Gift Administration representative along with all necessary supporting documentation.
The minimum to open a true endowment is $10,000.
The minimum amount to establish a quasi endowment is $50,000 if departmentally directed, or $10,000 from external funds if donor directed.
True and quasi endowments are classed as closely as possible to meet donor intent. Distributions should also be classed to meet donor intent. Occasionally, a donor will establish a new true or quasi endowment which can be used for multiple purposes. In this situation, it would be appropriate for the department to open multiple Shortcodes for their distribution Chartfields to allow expenses to be classed according to their uses (which meet donor intent). It is possible for one distribution Chartfield to have dozens of Shortcodes associated with it, depending on how the donor restricted the funds.
Formal documentation will be required to open any True Endowment. This documentation may include one or more of the following:
- Formal gift agreement
- Solicitation letter that states the funds are for a true endowment
- Copy of an executed will requiring that the funds be Endowed
- A letter from the donor stating that the funds will be endowed
Please note that specific language is necessary to allow the newly established fund to be treated as part of the University Pooled Endowment. Two examples of the appropriate phrasing are listed below:
"The Fund constitutes a gift for endowment, and distributions will be made in accordance with the University's then existing endowment distribution policy."
"The University will diligently administer your gift as a permanent endowment under Michigan law and University endowment distribution policies."
Please fill out the Quasi-Endowment Withdrawal Request Form found on this website and send it in to Accounting Services Coordinator. Withdrawal requests will be analyzed to ensure the funds have been invested for the minimum 5 years required by University Policy. Withdrawals are processed 4 times per year on the first day of each quarter. (July 1st, October 1st, January 1st and April 1st) Requests for withdrawal at the beginning of the next quarter must be received at least one full month in advance of the withdrawal date to allow the Investment Office time to determine what assets will need to be sold to make the funds available.
Financial Operations - Accounting Operations - External Billing & Receivables
In order for Accounts Receivables to effectively collect on the balances invoiced to customer and initiated by the unit, we would appreciate being updated on any pertinent demographical information regarding the customers being billed. Email addresses, Accounts Payable contacts, telephone numbers and change of names or addresses are all resources that are needed to enhance collection efforts. Updated information can be emailed to email@example.com.
If the department receives a check for an outstanding invoice, the check should be deposited per SPG 501.03 Cash Management Policy immediately to the SSC Accounts Receivable Chartfields (Account 615560 Fund 99500 Department 000500 Program 90050) noting the invoice number and any other relevant information. An email should be sent to firstname.lastname@example.org. Please reference invoice number in email. If a cash receipt is processed to the Chartfield that the invoice was generated for, the revenue will be overstated in the Chartfield combination and the invoice will remain outstanding. This will result in customer statements still going to the customer and the department still seeing the invoice outstanding on the Statement of Receivables.
If the department deposits a check for an outstanding receivable, an email should be sent to email@example.com. Please reference invoice number in email. SSC Accounts Receivable will work with the unit to process a journal entry to move the funds appropriately.
The collection process begins once an invoice is past due. Invoice payments are due 30 days after the invoice has been processed. Once the invoice is past due, the customer will begin to receive Accounts Receivable Customer Statements indicating the invoice is past due. The customer statements are sent out to the customer monthly. An SSC Accounts Receivable collector will begin reaching out via phone/email with the customer once the invoice is between 30 and 60 days past due. The statements continue to be sent to the customer until the customer’s balance is $0.00. At any time, a unit can contact SSC Accounts Receivable to inquire about the collection actions taken. SSC Accounts Receivable Collectors can be emailed at firstname.lastname@example.org. Please reference the invoice number or customer you are inquiring about in the email.
General Invoices are processed by SSC Accounts Receivable. The invoice(s) are loaded in M-Pathways and the customer receives a copy of the invoice via mail, email or the invoice is submitted to the customers online system. The images of the invoices are available in imaging under the invoice number. The unit will receive an email from Pathways when the invoice is processed listed the invoice number. The invoice is available in imaging when the email is sent to the unit. The email will go to the email group or unique name listed on the billing template.
If the department has contact with a customer in regards to outstanding invoices, this communication will enhance overall collection efforts. The SSC collector should be notified of the update so that the information can be recorded in the Accounts Receivable system to minimize duplicate efforts. The SSC collector can be given this information by emailing email@example.com. Please reference the customer number and invoice number if known.
Once an invoice becomes 120 days past due, Collection Agency Assignment emails are generated and sent to the departments. These emails suggest sending the invoice to an external collection agency for hopes of collection. The department will be responsible for any fees that are generated by the Collection Agency. The other option at this point, is for the department to provide Chartfields to write off the invoice balance if they would like collection efforts ceased.
MyLINC currently has an online class titled "Statement of Receivables Report Field Description" that will provide instruction on how to read a Statement of Receivables (SOR) Report. You can also just view the pdf file on this SOR link. If there are questions after the class has been completed, please feel free to contact Accounts Receivable at the Shared Services Center, (734) 615-2000.
When an invoice is entered into the Accounts Receivable system, the originating department receives revenue immediately via an Accounts Receivable entry (BI Journal) to their Chartfields. This does not mean the invoice has been paid. When the AR invoice is processed in the system it will appear on your monthly Statement of Receivable (SOR) Report as an outstanding invoice. As payments are received they will be noted on your SOR and, when paid in full, the invoice will drop off the SOR. The monthly Aging Report will also show open receivables and the number of days the invoice has been outstanding. Although Accounts Receivable holds the outstanding invoice, the department is ultimately responsible if the invoice goes unpaid.
Financial Operations - Accounting Operations - Equipment & Furniture
University equipment is defined as a item purchased for at least $5,000 and a useful life of at least 2 years. It should be recorded at account code 614000 to be included in the asset management system.
Financial Operations - Accounting Operations - Construction
A construction renovation project is considered capital or depreciable when the total costs are equal to or greater than $50,000 per building. At this point the project should be in fund 80000.
Send a project/grant request to Financial Operations - Plant fund to get a new project/grant established to record the revenue and expenses associated to the project.
Renovations less than $50,000 are permitted in funds 10000 and 40000 and fund 30000 if it meets donor intent. For renovations greater than $50,000, the project/grant will have to be set up in the Construction Fund 80000 to be capitalized. Please contact the Customer Service email group for assistance.
Financial Operations - Accounting Operations - Journal Entries
Financial Operations will monitor and correct the following types of errors:
- Invalid Chartfield combinations
- Transfer which did not use appropriate transfer Accounts
- Inappropriate use of Class Codes
- Inappropriate use of equipment Accounts
- Use of a restricted Account when inappropriate
Departments should monitor and correct the following types of errors:
- Transactions recorded at a wrong Account on their SOA
- Transactions recorded on their SOA at an inaccurate Chartfield string
- Transactions recorded at the wrong level of their Chartfield string (i.e. at Fund/Dept./Program when it should be at the Project/Grant level)
How the correction should be made:
- Vouchers, Journals and Cash Receipts - Review source documents and process a Journal Entry to correct the problem. Be sure to contact other involved parties to ensure that the problem will not be corrected twice or continue to occur.
- Service Unit Billings (SUB) - Review Voucher Detail Report and contact the Vendor listed on the report to have them initiate a correction.
In the new template, it should be entered in a date format such as MM/DD/CCYY. The 'MM' represents a two digit month (i.e. '06' for June). The 'DD' represents a two digit day of the month (i.e. '09' for the ninth day). The 'CCYY' represents the year (i.e. '2006'). For this example, the completed field would be represented as '06/09/2006'.
Journal support should be sent electronically to firstname.lastname@example.org, if possible. If hard-copy support is to be submitted send it to Sponsored Projects, Attn: Journal Support, 5020 Wolverine Tower, 1287. If you are sending hard-copy support, please note that the support will be coming via campus mail in the body of the email. Any journal impacting a Sponsored Research Project Grant requires supporting documentation and will not begin the Financial Operations approval process until the support has been received.
You don't have to, but if the journal is hitting Sponsored Program Chartfields it will be easier to spot that the support is for the journal that was previously loaded.
No. Unique Journal ID numbers are highly recommended for internal controls and system audit trails.
Yes. Multiple journals can be submitted through one data file. A new journal will be created for each valid Header ('H') row with subsequent valid Line ('L') rows beneath it. Do not skip any rows between the last line of the previous journal and the header row for the next. A blank line tells the program to stop writing the file information to the data file.
If you are having problems creating the .dat file from the Excel, send the Excel version to your FinOps coordinator and include in the email that you are having trouble. If they are not able to diagnose the problem, they will refer you to the ITS Helpdesk.
Journals received by the cut-off date will be entered unless one of the following situations occurs:
- The Journal contains Sponsored Programs activity and does not provide appropriate documentation for support of the transaction or does not meet the 120 day guideline for late charges
- Journals that do not include complete Chartfield strings, are missing lines or are unbalanced
If an employee feels that they may be submitting a JE which may raise questions or have questions about how to best prepare a JE, please contact the Shared Services Center before it is submitted for processing. It is much easier to make the correct set of entries the first time.
The General Fund receives revenue from State of Michigan appropriations and student tuition and fees. Therefore, the transferring of funds in and out of general fund is not allowed. Instead of transferring funding, expenses should be transferred between the funds. If you need assistance with this, please contact the Shared Services Center.
Financial Operations - Accounting Operations - Chartfields
Generally, new Project/Grants will be available in the Chartfield converter within 2 days after the completed request is received by Financial Operations. The Requester and Single Administrative Point of Contact (SAPOC) will receive an email message from Financial Operations when the Project/Grant is open and available for use. The information should be available in the Chartfield converter on the day after the email is received.
An account is a 6 digit code used to classify the type of revenue and expense that posts to your Chartfields. Accounts on an SOA are separated out by revenues and expenses.
A Shortcode is also a 6 digit code used to identify a group of Chartfields. Shortcodes are fund, department, program, project/grant and class specific. In the Legacy system, this was called your account.
The Project/Grant balance must be zero at the Fund, Department and Program level before it can be inactivated by the Shared Services Center. Please prepare the necessary journal entries before submitting the inactivation request.
The chartfields that should be used are: