Finance SPG Updates

We recently updated three Standard Practice Guides (SPGs) to make them more clear and concise.  The underlying policy concepts remain unchanged and the SPGs now include links to websites with a variety of procedures and resources.

Links to the complete SPGs—along with a brief description—follow:

SPG 501.05—Accounts Receivable
The primary purpose of this SPG is to advise U-M units to use the Shared Services Center for general accounts receivable billing and collection activities. This SPG also defines accounts receivable and notes that general accounts receivable billings are for activities other than those related to patient care, student accounts and sponsored projects, which have their own central billing systems.

SPG 501.09—Retroactive Salary Distribution Changes
The primary purpose of this SPG is to communicate the types of limited circumstances where retroactive salary distribution changes are allowed.

SPG 604.01—Departmental Record Retention for Business and Financial Records
The primary purpose of this SPG is to communicate record retention requirements and departmental responsibilities for business and financial records.