BILLING AND RECEIVABLES

At present we have only a small Printing business that is run on half down and the
other half on delivery. We wish to begin to bill these using the Accounts
Receivables feature of Peachtree. If we begin to develop a wholesale t-shirt art
business this section will assume immediate attention and our polices and
procedures for this section will be focused on.

Control Objective: To ensure that all services are promptly billed and recorded at
authorized rates, that payments are received promptly and unpaid accounts
adequately followed up.

Policies

* All rates for services and prices for goods shall be established and approved by
the board of directors.

* All billings for services or goods shall be approved in advance by authorized personnel.

* The Executive Director or bookkeeper shall prepare all billings and invoices on
a timely basis. Prior to mailing the billing/invoices, the bookkeeper shall make
a copy of the billing/invoice. The copy shall be placed in the "open invoice
file/receivables" folder kept with UM-CAC's financial files.

* The Executive Director or bookkeeper shall record the billing/invoice in the
accounts receivable ledger in Peachtree Accounting Software on a timely basis.

* The Executive Director and Treasurer shall reconcile the accounts receivable
ledger to the general ledger on a Quarterly basis. When our grow to have staff
this should be done on a monthly basis.

* A status report on all outstanding receivables will be presented to the Board
of Directors on a quarterly basis.

* The Executive Director shall initiate collection procedures on all invoices
older than 60 days.

* All receivables records shall be maintained in a locked file cabinet.

* The Executive Director is responsible for aging and analyzing the collectibility
of outstanding accounts receivable.

Procedures

Voucher Process

* We will develop a simple method to track expenditures that relate to restricted
grants or government programs as the need arises. This may involve the "Jobs"
feature of Peachtree Accounting.

Manual Contents Page

Uptown Multi-Cultural Art Center (UM-CAC). Click here for contact Info or to E-mail UM-CAC at umcac@art-teez.org click here. Ph.773/561-7676

Introduction

SPW Art

T-shirts Sold