Billing and Fee Management Setup
The Billing and Fee management module allows the school administrator to charge fees to students and receive payments. To get started with using this feature you have to first go to Main Menu >> Settings >> Billing and Fees.
There are three setup items:
What Is General Ledger (G/L) Accounts?
General ledger (G/L) accounts is an inventory of all the accounts that your school uses to code every individual transaction. It is an organizational tool. A good list of G/L accounts for school business can make it easier for your team to locate specific accounts, transactions, and more.
Your school's G/L accounts does not need to look like anyone else's—each school can customize its chart of accounts to best suit its bookkeeping needs. In fact, it's important to do just that; every single school has unique accounts and transactions.
Click on General Ledger (G/L) Accounts to set it up.
Here you will set up the chart of accounts which allows your school's accounting and/or bookkeeping team to categorize each transaction. If you do not have any accounts in the system already, click on the + Add New G/L Account. A form will open and you will need to fill in the G/L code, give it a name and an optional brief description. Click Submit to save.
Once you setup the G/L codes it will list it for you.
If you need to create one or more sub accounts under a main G/L account, then check the Is Sub-Account switch when creating the G/L account.
G/L account with sub accounts will look like below:
What are Fee Types?
Fee types are the types of charges or fees that you assign to your students. These fee types usually align with your G/L accounts and are more verbose so that users can understand them. However, each fee type must be associated with a G/L account so that the revenue collected is accounted for in the general ledger for accounting and tax purposes.
To add a new fee type, click on + Add New Fee Type. Fill out the form with relevant information. Here the G/L account is mandatory. If you have a G/L sub account, you can select and assign that too. Click Submit to save.
After you enter several Fee Types, it will look like this:
What are Payment Types?
Payment types are the methods of payments your institution accepts from Students and Parents for the payment of invoices and charges. Most common payment types are Cash, Check, Credit and Debit Card, Electronic Fund Transfer (EFT).
Click + Add New Payment Type to get started. Fill in the Payment Type and a short description. Click Submit to save.
After you add a few Payment Types, the data grid will look like this:
Now that you have completed the basic setup, you are ready to assign fees to students and accept payment. Follow this article on how to assign fee to one or more students, create invoices, and receive payments. How to assign fees and receive payments.
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