Accounts Receivable

GMAS records all non-Letter of Credit sponsored payment requests on the Scheduled Receivables screen of each project. The recording of receivables occurs after the approval and submission of an invoice to the sponsor. In rare cases, some sponsors provide a payment schedule in lieu of invoicing, whereby the GMAS receivable is recorded without an invoice being submitted. Each receivable in GMAS identifies the due date of the receivable (“Date expected”), which is used for aging the receivable. For a comprehensive report of receivables across multiple projects, the HART Sponsored Receivables dashboard can be used.

Accounts Receivable Collections

OSP Research Finance provides monitoring and oversight of outstanding accounts receivable and performs ongoing collections of any payments that are more than 90 days overdue. Collection efforts are initiated by the OSP Financial Analyst and recorded in GMAS. OSP Research Finance analyzes receivable metrics from the HART Sponsored Receivables dashboard and provides departments/local level managing units with updates on collections efforts, which may require involvement by the Principal Investigator or Pre-Award Offices to assist with collection attempts.