Invoicing

From U of M Internal Medicine Wiki
Policies
Policy: Invoicing
Policy Nr: Sec 08 - 07
Target Review Date: 2017-12-31
Main Stakeholder: Finance Manager

The Department of Internal Medicine requires an appropriate system for invoicing and collecting payments for services the department has provided to third parties.

Guidelines

  1. The Finance Manager is exclusively responsible for invoicing and collecting all payments that are subject to this policy.
  2. The Finance Manager will issue invoices and ensure the payment is received and recorded in the appropriate account.
  3. If an invoice remains unpaid after 180 days and all reasonable collection procedures have been undertaken, the Managing Director may refer collection of overdue accounts in excess of $500 to a collection agency or to small claims courts.
  4. All payments received are submitted to UMG for deposit on a timely basis. Appropriate account coding is noted on the submission.
  5. The department only accepts cheques for invoice payment. Cash is not accepted without Managing Director approval.
  6. Cheques are safe guarded by ensuring that they are in a secure location, if being held.
  7. Copies of receipts are reconciled monthly to the corresponding account and filed within the department.

Application

This policy applies to all charges for goods and services provided to third parties by the Department of Internal Medicine, excluding: