300.1 Accounts Receivable Credits

The following are credit policies for PSU’s Accounts Receivables:

DOCUMENTATION: PSU shall document their credit policies for each type of receivable applicable to the institution: 

• Student Accounts Receivable
• Department Sales Receivable
• Travel Advances Receivable
• Operating Advances receivable
• Third Party Contracts Receivable

CREDIT POLICIES SHOULD ADDRESS THE FOLLOWING: 

• Types of revenue rendered on a charge basis.
• Normal credit terms, along with expected payment dates, interest rates, service charges, and maximum credit amounts.
• Order in which payments are credited to receivable charges. 
• Definition of a past-due/delinquent account and the charges assessed to each past-due/delinquent account.
• The collection process for a past-due account.
• Definition of a past-due/delinquent account and the charges assessed to each past-due/delinquent account.
• The collection process for a past-due account.

Credit policies may vary depending on revenue type, customer type, and other circumstances.  Credit decisions falling outside the  normal credit policy are made by the business officer in the best interests of the University, the federal government, and the state, or where required to comply with federal and state laws and regulations.