The purpose of this knowledgebase article is to provide direction around receipting of receivables (in all forms) as The University of Chicago has completed the implementation of Oracle Cloud our new financial system. All UChicago funds should be deposited and receipted to reflect in Oracle Cloud financial system as soon as received.

IMPORTANT:  Receipting for your department will no longer be managed by the Bursar and the Pre-Oracle ServiceNow process.

The Central Accounts Receivable Office (Central A/R) is the primary deposit managing agent for The University of Chicago; however, given the complex structure and the implementation of Oracle Cloud our central financial system receipting of funds is being transitioned to the departments to manage. 

Note: Receipting and depositing funds are 2 different processes.

For Oracle Cloud FST implementation we categorized UChicago departments as follows:

1. Oracle Billing Unit
2. Non-Oracle Billing Unit

 

Oracle Billing Unit - A unit that will be utilizing Oracle Cloud as its primary source of truth for invoicing receipting and reporting around receivables. These units will have access to their dedicated bank account which will reflect deposit in all forms (checks, money orders, cashier’s checks, & ACH/Wire) which must all be receipted in real time in Oracle as follows:

1. Standard receipt for customers with an invoice(s) in Oracle Cloud. All goods, services, & agreements should have an invoice created in Oracle Cloud, which will create the accurate accounting that supplies important information to our financial statements and mut be submitted daily.
2. Miscellaneous receipt for customer who do not have an invoice in Oracle Cloud for the deposit amount (i.e. rebate, refund, royalties…etc.) these will need to be accompanied by an ROMR.

 

Non-Oracle Billing Unit – A unit that has been approved to use a non-Oracle system for invoicing, receipting and reporting around receivables. All units not listed above have been categorized as a “non-Oracle billing unit”. These units have access to their own dedicated bank account which will reflect deposits in all forms (checks, money orders, cashier’s checks, & ACH/Wire) which must all be receipted daily in its approved financial system AND if there is no integration from the non-Oracle billing unit’s system into Oracle then the unit MUST process a corresponding journal entry in Oracle Cloud for accounts receivables, revenue, and cash which supplies important information to our financial statements and should be submitted timely.

Note: There are Workday trainings which include videos, QRG (Quick Reference Guides) and on-screen direction in Oracle Cloud around receipting. If you do not have access to these trainings inquire with your manager.