Accounting Finance:AR Collection

Contacts

• The contact for the collection agency, Vanco Recovery Network, is Account Supervisor Jillian Johnson. Their company contact info: Address: #612-602 West Hastings Street, Vancouver BC V6B 1P2. Phone: (604) 718-5148. Toll Free: 1(855) 718-5151 ext. 102. Fax: (604) 718-5144.
• Please note that all future accounts should be emailed to this email address [mailto:collect@vanco.bc.ca].

Collection Letter

• Problem invoices/debit notes are forwarded by the General Accountant to the Manager, Finance for review.
• If the Manager, Finance would like to proceed with issuing a collection letter, the collection letter below will be produced and the General Accountant will email the collection letter to the account with the owing balance.
• If there is no responses from the owing party, the Manager, Finance will consider submitting the invoice/debit note to a Collection Agency.

Submitting to Collection Agency

1. To submit a new account listing to the collection agency, download the Commercial Listing Form from Vanco Recovery Network’s website http://www.vanco.bc.ca/Vanco_NewAccounts_ListingForm.pdf
2. Complete the Commercial Listing Form with authorized signature. Then email a copy of the collection letter to the customer, a copy of the invoice/debit note owing to UWD, and a completed Accounts Listing Form to Vanco” [1]. Example shown in diagram below.

Monitoring Accounts Submitted to Collection Agency

1. Vanco Recovery Network will hold the accounts for a period of at least 90 days (Please check agreement as the period may change)
2. Follow up with Vanco Recovery Network for collection updates.

Payment Received

• If payment is paid directly to uniPHARM, the General Accountant must contact Vanco and remit the commission fee, as per the agreement.
• If payment is received by Vanco, Vanco will forward the payment less the commission fee.

Accounts Deemed Uncollectible

1. When over 90 days have lapsed since account listing have been submitted, find out about the collection status of the problematic account(s).Update the Manager, Finance regarding collection status of the account(s).
2. The account(s) will be further reviewed on whether to continue the collection process or writing-off the amount.