Reconciliation
Last updated: May 14, 2020 by JTG
Last updated
Last updated: May 14, 2020 by JTG
Last updated
Purpose: To setup bank accounts of the school and view reconciliation of available accounts
Prerequisite/Dependencies: Finance Setup, Students, Payments
Output: For Bank Reconciliation/View all payment transactions
Go to Finance > Reconciliation
Payment transactions can be classified under different bank accounts depending on what accounts are setup in Reconciliation.
1) Click + Account.
2) Fill out the necessary details:
Name - what to call the account
Account number - the bank account number for this account
Branch - what branch this account was opened
3) Once done, don't forget to click Add Account.
Click the ellipsis (three horizontal dots) of the account to edit; click Edit Details. Modify the contents as needed.
1) An account will show summary details:
Bank balance – current bank balance based on payment transactions recorded
Verified – verified payment amount
Not verified – unverified payment amount
Invalid – Invalid transactions recorded
For now, payment verification feature is not yet available.
All the payment transactions made by students recorded by the cashier/finance through Payments module will also appear in Reconciliation.
1) Click View Transactions of the bank to search. The Summary box will also turn to Yellow to indicate that it is the currently selected account.
2) To breakdown the details, let's take the first example:
July 23, 2019 - when the transaction was actually made
Cash - payment mode of the transaction
AR 18998 - OR / AR number for the transaction
406577190019 - transaction sequence
Garrett, Dalton - student
10,000 - amount; how much was paid for that transaction
3) To search for payment transactions, click the search bar on the right side and type the keyword to search.
By Date - date of payment, ascending or descending
By Mode - cash, bank deposit, check, credit card, online payment; alphabetical A-Z or Z-A
By Amount - amount of transaction; ascending or descending
By Student - alphabetical A-Z or Z-A
1) Click the Kebab menu next to the Accounts, then click on Download Summary Balance
2) Select which school year to download, then click the Download.
3) Wait for the download to finish, and then open the file. It will show each student’s tuition, discount, collectibles before penalties, penalty, collectibles, total payment, balance, remarks, and balance percentage.
Tuition – Total tuition amount of the student
Discount – total discounts
Collectibles before penalties – total amount of collectibles
Penalty – penalties incurred for late payments
Collectibles – total amount collectibles with penalty
Total payment – total payment made
Refunds – total refund amount
Balance – student’s outstanding balance
Remarks – other information about the student's finances
Balance percentage – student’s total payment percentage
Pending content
