With a built in general ledger and accrual based accounting, managing student or debtor invoicing and payments is at your fingertips, and tied right into your enrolment system.
When a student enrols, an invoice in created and assigned to the payer – usually the student, but sometimes a third party like the student’s employer or an agency.
Payment can be taken in full or part at the time of enrolment, or deferred. In any case, an invoice is created showing the balance owing and emailed (or printed) for the payer once the enrolment has been confirmed. A full history in the student’s record of all invoices, credit notes, payments and refunds will ensure that during any subsequent enrolments, credits or debts will be highlighted automatically.
Students cancelling or transferring their enrolment can have credit notes created and their payments re-allocated to the new class. As all these movements happen, the real-time class budgets stay up to date, so you will always know how much income has been received for a particular class.
By separating the student and payer concept, refunds will always go back to the right person – the person who paid for the enrolment originally. Simple credit card reversals can be used to process refunds directly from onCourse, straight back to the card that paid, without needing to contact the student and confirm card details. Of course, payments out in cheque or cash can also be processed when required.
The general ledger setup in onCourse allows you to mirror the income accounts of your full accounting system, making the weekly, fortnightly or monthly balance transfer a breeze for your accounts team. A range of financial reports assist you in managing debtors and students in credit, banking reports and income summaries. Non editable financial records provide a complete audit trail and reduce the opportunity for fraud.
In essence, onCourse becomes your debtor management system, leaving finance staff to concentrate on the bigger picture accounting details, confident in the fact that the admin team have student payments covered.
Image: Debtor and creditor list inside onCourse, showing all invoices which don’t have a $0 balance and detail of an invoice with a partial payment