Collection & Receivables Processing
The FMS team provides timely and accurate processing of all customer Agency collections (including lockbox collections) to the General Ledger (GL). This includes collections received from credit cards, Pay.gov, Fedwire, and other Treasury systems. When receivables need to be established, our team will record the receivable entry in the financial system, generate any corresponding bills, and apply the receipt once collected. Both receivables with bills (penalties, overpayments, etc.) and those without bills are processed by our team of professionals. The FMS experts will also analyze the status of receivables, work to resolve issues, calculate accruing interest, penalties, and administrative fees, and prepare necessary adjustments.