Accounts Receivable

KFS Accounts Receivable

The Accounts Receivable module of the Kuali Financial System provides robust support for invoicing, collecting, and reporting on receivables related to the sale of goods and services to non-students. 

Customer Management

Batch feeds of customer data into KFS support automated interfaces with non-Kuali Point of Sale or Customer Relationship Management (CRM) systems.  Customer maintenance documents also permit manual maintenance. 

Invoicing

KFS Accounts Receivable supports invoicing through the entry of Customer Inovice eDocs.  Entry is streamlined through the use of optional Invoice Item Codes which tie a SKU to a full accounting unit, description, and unit of measure.  Lengthy invoices (many line items) may benefit from the uploading of a spreadsheet containing information about the goods/services sold, which will automatically populate the invoice eDoc.  Finally, KFS supports the concept of a recurring invoice which automatically creates invoices (subject to user approval) for goods or services which occur periodically (monthly, quarterly, etc.) for the same goods and services.  Initiators will find these Customer Invoice eDocs created on their behalf and waiting for their approval in their KFS/Rice Action List.

Invoices may be adjusted after creation using the Credit Memo eDoc.  Credit memos permit adjustments by amount (typically used for services) or quantity (typically used for goods) in addition to the Error Correction functionality available on all KFS eDocs.

Sales Tax

Integration with the KFS Sales Tax Service ensures accurate and timely recording of sales tax liabilities based on the point-of-sale or point-of-delivery (if goods are shipped).  Customers and SKUs (invoice item codes) are tagged as either taxable or tax-exempt.  The tax rate for taxable goods sold to taxable customers is determined using the postal code of the unit providing goods (items picked-up) or the delivery postal code (items shipped).  Tax is recorded in user-configurable full accounting units by state, county, and/or postal code.

Collections

KFS Accounts Receivable makes a real-time aging report available for download in CSV, XSL, or XML formats.  This report can be used to follow-up on outstanding invoices, and for initiating write-off of past due invoices as required. 

General Ledger Entries

KFS AR allows customization of general ledger entries through a variety of system parameters.  Based on how these parameters are established, revenue and receivables for invoices may be recorded in the same or different accounts.  Write-off amounts can either include or exclude sales tax, and the destination account for bad debt expense can be either the account which received the income, or a different account entirely. 

Future Enhancements

KFS AR is built to be flexible and meet the varying needs of many different institutions.  Future enhancements include the development of functionality specific to travelers (through the Travel and Entertainment Management (TEM) module of KFS, and to post-award contract & grant administrators.