• Supporting Documentation; i.e. contracts and/or basis reports & corresponding council resolutions and option to add to Property Tax Roll of the property owner where applicable.

5.6. INTEREST ON ACCOUNTS RECEIVABLE

• 5.6.1. Departments must issue, interest bearing AR invoice to incent timely payment and maximize interest revenue unless billings fall under section 5.6.1.1. Where interest bearing AR invoice are supported by a binding contract or agreement or written acknowledgement, a copy should be maintained in departmental file in order to facilitate collection thereof, otherwise terms should be non-interest bearing.
  
  Wherever possible departments should seek to have a formal agreement, contract or written acknowledgement to support the collection of the interest charges.

  • 5.6.1.1. Payment terms exceeding 30 days and/or specially contracted interest rates may be established with the assistance and direction of the Manager of Accounting Services (see section 5.5.2).

• 5.6.2. Interest rate added to accounts over 30 days will be in accordance with the City’s User Fee Schedule.

5.7. LATE PAYMENT

• 5.7.1. City Departments are encouraged to develop and execute contractual agreements allowing for the addition of late payment charges as approved by City Council within the annual user fee schedule.

• 6. RECORDS

  • 6.1. All accounts receivable records, reports, manual and electronic files must be retained and filed in accordance with the City’s “Schedule of Retention Periods for Records By-Law”.

• 7. REFERENCES AND RELATED DOCUMENTS

  • 7.1. Accounts Receivable Billing Checklist - APPENDIX A

  • 7.2. Accounts Receivable Collection Policy (CS.A4.07)

  • 7.3. Corporate Cheque Acceptance Policy

  • 7.4. Corporate-Wide Cash Receipts Control Policy (CS.A7.07)

  • 7.5. Accounts Receivable Adjustment Procedure (CS.B13.05)

  • 7.6. Accounts Receivable Customer Set-Up and Maintenance Procedure (CS.B11.05)

  • 7.7. Returned Cheques Procedure (FI.B5.11)

  • 7.8. AR Invoice Adjustment / Cancellation Form

  • 7.9. AR Billing Request Form

  • 7.10. AR Customer Creation / Change Form