Configure Family Accounting

Before entering accounting information for individual families you’ll need to configure the overall “Accounting Management” settings that affect all families like tuition categories and standard rates.

1. Begin by setting up your bank accounts (checking, savings, etc.) as Assets in the Chart of Accounts.
2. Then choose which assets are actual Bank Accounts and to which of those you will deposit funds, known as Deposit Accounts.
3. Set up Charge & Credit Descriptions used to charge fees, give credits and record payments.
4. If a description, like Tuition - Infants has a typical rate set it up under Standard Amounts.
5. Decide if you'll use Contract Billing Cycles or Billing Formulas.

Accounting for Individual Families

Family accounting revolves around three key elements:

1. Ledger Card - Where the history of charges, credits, payments and the balance for each family or agency is recorded. This is also the place to set up Beginning Balances.
2. Billing Box - Where recurring charges are set up for each child.
3. Automated Billing - Which transfers charges from the Billing Box to the Ledger Card. There are several types of automated billing:
    
   1. Contract Billing - Charge all families with actively enrolled children their recurring weekly or monthly rates, etc.
   2. Formula Billing - Requires Attendance Tracker. Charge all families based on each child’s actual attendance, schedule, overtime, etc.
   3. Selected Account Billing - Charge a selected group of families a one time fee for something like a field trip or a particular week of summer camp.
   4. Late Payment Calculator - Charge a fixed amount or a percentage of each family’s balance.

Payments & Bank Deposits

The following tools will help record payments from families and manage bank deposits.

• Ledger Card - Manually post a payment to the Ledger Card of a particular family just as you would record any other type of entry.
• Quick Ledger Posting - This tool let’s you quickly post payments from many families.
• Deposit Reports - Specify which payments you’ll deposit and divide deposits between multiple bank accounts.

Optional Software and Services:

• Tuition Express - Collect family payments electronically.
• Agency Accounting - Manage payments received from third party agencies like the county or state.

What else would you like to do?

• Set up Receipt Printing
• Print Customer Statements and other accounting reports
• Email Statements
• Void or Change a Ledger Card
• Fix a Closed Deposit (unlock a Ledger)
• Charge drop in fees using Drop In Contract or Drop In Formula billing.
• Record a Bounced Check or Declined Credit Card
• Post a Deposit on Account for summer, fall, etc.

tags: family accounting setup, family accounting set up