4.5.6. Any monies recovered from the debtor subsequent to the write-off will be posted as a bad debt recovery.
4.5.7. The thresholds below permit the write-off of non-collectable accounts receivable balances upon valid authorization. The following positions may authorize the write-off of these balances if, in their opinion, all means of collection have been exhausted. Job titles authorized to write off receivables and limits are listed below. These thresholds, by their very nature, allow the Chief Administrative Officer and/or CFO/City Treasurer the ability to negotiate settlements associated with City of Windsor accounts receivable.
4.5.7.1. City Council – amounts in excess of $150,000 plus any related interest or penalties on a per account basis shall only be written off with Council approval.
4.5.7.2. Chief Administrative Officer (CAO) – amounts up to $150,000 plus any related interest or penalties on a per account basis.
4.5.7.3. Chief Financial Officer (CFO)/City Treasurer or designate – amounts up to $10,000 plus any related interest or penalties on a per account basis.
4.6. ACCOUNTS RECEIVABLE ADJUSTMENTS (including the waiving of interest, late penalties, overdue charges, cancellations and administrative fees)
4.6.1. Accounts receivable adjustments may result from time delays from date of receipt of payment to recording of payments against a customer account and include interest that may result from a timing delay. AR adjustments are not to be used to correct an amount that has been invoiced and requires correction.
4.6.2. Where appropriate, the City may remove interest/penalty charges whereby payment may be late but, ultimately paid in a reasonable amount of time and the customer has a history of timely payments.
4.6.3. Adjustments of interest on accounts may be applied where payment comes within the five (5) business day grace period and/or changes of interest from date approved to the posting date.
4.6.4. As a regular and ongoing housekeeping function, adjustments may be applied to invoice for the removal of nuisance balances of $20.00 or less including interest and/or penalty charges, for ‘customers’ in good standing.
4.6.5. Accounts receivable adjustments must be approved by the following: 4.6.5.1. City Council – amounts in excess of $150,000 per invoice.
4.6.5.2. Chief Administrative Officer (CAO) - amounts in excess of $10,000 up to $150,000 per invoice.
4.6.5.3. Chief Financial Officer (CFO)/City Treasurer or designate - amounts up to $10,000 per invoice.
4.6.5.4. Manager of Treasury and Cash Management or Manager of Accounting
Services - amounts up to and including $250 per invoice.
4.7. REFUNDS
4.7.1. Payments received in error or paid in excess of the AR invoice total amount by more than $5.00 will be refunded to the payer.
4.7.2. Cash refund shall be avoided. All other refunds should be issued by the original payment method (Debit, Credit Card or Cheque as alternative).
4.7.3. Refund approvals must be in accordance with the AP approving authorities and dollar limit thresholds.