Overview of Receivables Function in Treasury Office

Successfully and securely receiving payments is critical to a functioning Treasury Office. Governments accept a wide variety of receivables for fees and services through various means. Receivables must be processed and managed in a timely fashion to maintain a consistent cash flow to the organization and ensure the safety of funds.

Treasury Offices should develop, implement, and revisit their receivables policies and procedures to ensure the best and most efficient acceptance and deposit of received funds. Key components of receivables policies and procedures include:

• State and federal laws and regulations pertaining to receipt of funds
• Invoicing and account receivables processes and controls for billing and collections
• Determining what types of receivables your government can and wishes to accept
• Proper handling of receipts including cash, check credit/debit cards, ACH, and wire transfers
• The benefits of electronic receipt methods
• Integration of receipting and accounting systems involved in the receipt, deposit, reconciliation, and recognition of collected revenue
• Employee training necessary to ensure appropriate segregation of duties and internal controls
• Records retention

This session will provide attendees with the building blocks of having robust receiving functions in the Treasury Office through review of GFOA’s best practices, government case studies, and discussion questions focused on issues related to receiving funds at governments of all sizes and types.

Those who successfully complete this seminar should be able to:

• Understand the fundamental responsibilities of the Treasury Office when receiving funds
• Learn what policies and procedures should be in place for receiving
• Identify major risks related to receivables in the Treasury Office, including inadequate internal controls and fraud

Coming Soon.

This course is taught by finance officers and other industry experts.