What is it?
Accounts receivable is an accounting term that represents money owed to the University by customers for goods or services that have been delivered or used, but not yet paid for. On the University balance sheet, accounts receivable is recorded as an asset because this represents a legal obligation for the customer to pay Carleton University money owed. Carleton’s largest accounts receivable is our students.
Why is it important?
Financial Services’ two accounts receivable (AR) units, General Accounts Receivable (GAR) and Student Accounts Receivable (SAR), are within Business Operations. GAR is the unit responsible for the timely processing of requisitions for invoices for services performed by the University community. SAR is the unit responsible for managing, reviewing and responding to student inquiries on transactions related to their student accounts.