Year end tasks & procedures

Bad debt write-off & provision

  1. On a regular basis we will review all overdue fees debtors. By October, Fees Manager will recommend the list of overdue fee debtors that are unlikely to be recovered. The list will be forwarded to the concerned area to advice before a final list of bad debt write-offs is prepared and submitted for approval by Director F&BS or Deputy Vice Chancellor through the Registrar.
  2. When the list is approved. The written-off amounts will be posted to the student account. Negative service indicators will be placed on the Student Administration System records for these students. This prevents them from re-enrolling or acquiring any services of an academic nature. Writing off a debt does not prevent its recovery in future.
  3. When payment is received for a previously written-off debt, in the student system the write-off is reversed so as to restate the charge (debt).
  4. To prepare the debtor ageing report and provision for doubtful debts, sort all outstanding fee debtors according to item effective date. This represents the date when the fee charges are generated in the student system.
  5. Debtors ageing report will be prepared by classifying debtors, based on the item effective dates as overdue > 90 days, overdue between 61 and 90 days, overdue between 31 and 60 days, overdue < 30 days, and current.
  6. For all student fees overdue by more than 184 days as at the end of the year, the tuition fees will be taken as doubtful debts. Amounts of provision for doubtful debts will be grouped according to budget units and journals are posted to account 5930 (provision doubtful debts expense) and credited to 2606 account (provision doubtful debts) in F Ledger.

Clearing 9218 and 9390

  1. In accordance with the requirements mentioned in F&BS news 2006/15, fees income must be classified into ISF - PGRD-CW, PGRD-R, UGRD and NAWD and DTF - PGRD-CW, PGRD-R, UGRD and NAWD.
  2. Therefore, after the reconciliation of student fees income with the general ledger accounts, all 9218 and 9390 accounts will be sorted according to the academic careers in the trial balances.
  3. A journal will be prepared to transfer all 9390 to 9391 for ISF PGRD, 9392 for ISF RSCH, 9393 for ISF UGRD and 9394 for ISF NAWD; all 9218 to 9219 for DTF PGRD, 9220 for DTF RSCH, 9221 for DTF UGRD and 9217 for DTF UGRD.

Clearing 9218 & 9390

  1. Review of student fees debtors and income are done on a periodical basis throughout the year.
  2. At the year-end reconciliations, all differences in the debtors, fees account and liabilities accounts should be accounted for.

Debtors credits & creditors' debits

  1. After the reconciliations are finished on debtors and creditors accounts, all abnormal amounts should be net-off or moved to appropriated accounts.
  2. All credit balances in debtors accounts should be moved to 2147 debtors in credit accounts from 1793 sponsored fees debtors and 1794 un-sponsored fees debtors.

Final fee distribution

  1. Final fee distribution to be done to pick all changes that took place after semester two fee distribution.
  2. Ensure that after final distribution all F ledger income accounts will clear.
  3. The final distribution journals should be dated 31 December of the closing year.
  4. Prior year income adjustments after semester two should be distributed in the same manner.

Year-end schedules

  1. After necessary adjustments are made, schedules should be maintained for all 1793, 1794 and 2147 accounts
  2. All asset and liability items in the fees ledger should be accounted for and schedules prepared for the AFS Packs.