Accounts Receivable PPT
TH E MANAGEM ENT OF RECEIVABLES Accounting and Financial Reporting Revenue Services The Port has 17 different types of revenue streams. Amounts billed are derived from Leases and/or Published Tariffs. Airfield Cargo Piers Container Ground Access Group Insurance Harbor Services Shilshole Bay Marina Fishermen's Terminal Bell Harbor Marina Harbor Island Maritime Industrial Center House Rentals ID Access (Port Badge Billing) Leases Airport (307 Active Leases) Seaport ( 83 Active Leases) Real Estate (175 Active Leases) The average total of billing produced monthly is 2008 Total # Invoices Billed = 4377 Total Average Monthly Total Billed = $42,229,987.89 2009 Total # Invoices Billed = 4504 Total Average Monthly Total Billed = $42,054,313.06 Relative to the total monthly invoices mailed out on a monthly basis, our daily sales outstanding average between 5 and 7 days. Customer balances listed in the Other column are directly related to accounts that are under bankruptcy protection, we have exhausted all efforts to collect so we had no other alternative but to send the account to a third party collection agency or the charges are in dispute and waiting to be resolved. Accounts Receivable Aged Trial Balance As Of 12/31/2008 TOTAL FUTURE <30 DAYS 31-60 61-90 91-120 OTHER TOTAL # DAYS DAYS DAYS Customers $7,152,601 (2,019,606) 7,894,842 253,541 134,992 13,996 873,836 1297 Past Due Percentage To Total 1.9% .2% 12.2% Accounts Receivable Aged Trial Balance As Of 12/31/2009 TOTAL FUTURE <30 DAYS 31-60 61-90 91-120 OTHER TOTAL # DAYS DAYS DAYS Customers $6,852,901 (1,106,536) 4,681,396 1,376,896 30,086 43,214 1,827,846 1111 .4% .6% 26.6% Past Due Percentage To Total Effective late 2009 the Commission approved a "Customer Care Package" for Eagle Marine, SSA Terminals and Total Terminals. This agreement provides an extension to the current due dates by 30 days. Revenue Services uses a variety of tools to collect past due balances. Run Aged Trial Balance Detail Report monthly. Automatic 1st Letter generated and mailed for past due accounts. Finance Charges and Late Fees are assessed, posted and then mailed. AFR Collectors make phone calls and/or sends out an e-mail message for all past due accounts. No response Final Demand Letter is sent. Site visit and request/collect funds in person. At 60 days late options are Notify Port Legal Department and Responsible Department File against surety, Send to Third Party Collection Agency. For Lease Customers notify Property Management to Place Customer in Default of Lease Terms. For Airport Customers Options available are to revoke and deny use of equipment, badges, parking cards, etc. For the Seaport, Harbor Services Options available are to put a lien against the vessel, have the vessel arrested, etc. Last resort the account is written off to bad debt expense. In accordance with 3605, EX-2, (Delegation of Authority) our bad debt expense has been minimal over the past two years. 2008 = $18k 2009 = $51k
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