 |
|
|
Accounts ReceivableTable of contents
OverviewAccounts exist for anyone with a Name and ID. They are managed as register-style lists of entries, intended to simplify data entry and maximize clarity for students when reviewing their account details. Designed primarily for integration with student information, entries on accounts are organized by term in the same fashion that most student-related data is term-based. Similarly, all account entries also include campus, typically based on the campus where a student is enrolled. Transaction CodesEach account entry includes a Transaction code that identifies that nature of a debit or credit, such as tuition, course fees, a financial aid award, or a cash payment. Each transaction code is defined with attributes such as whether it typically represents a debit or credit, or if it represents financial aid. The relationship between transaction codes and an external accounting structure is also defined, conveniently isolating those details from account entries. Transaction codes can be created as needed to represent various types of account entries. Decisions on how specific each code needs to be should seek a balance between the varying needs of business office staff (too many codes are difficult to remember), the value of distinguishing specific types of debits or credits (for reporting or analysis), and the external accounts associated with transactions (whether codes share the same external account structure). If revenue from all course fees is collected in a single external account, for example, having multiple transaction codes for each course probably isn't necessary. Campus-specific codes are not required; all account entries are recorded with campus, and the external accounting interface combines transaction code and campus to identify a specific account. ReceiptsAll account entries made with a transaction code representing a non-financial aid credit are assigned a receipt number. They are numbered sequentially by campus, and are displayed on all printed account summaries and on cashier detail reports. If multiple entries on an account are made on the same day, by the same cashier, and using the same transaction code, they will be combined on a single receipt.
|