Finance Settings
Last updated: April 30, 2020 by ASL
Purpose: To manage the different settings for Finance. For now, this page contains one setting only.
Prerequisite/dependencies: Payment Scheme > Penalties inputs
Output: Accumulated amount of all unsettled penalties
Go to Planning > Finance Setup > Finance Settings to view all available settings for Finance.
Overdue Penalty Amount Computation
This enables/disables accumulation of the penalties inputted in Payment Schemes. Toggle it ON or OFF, and setting will be saved automatically.
HOW THE SETTING WORKS (please refer to the image below):
1st Payment - Student/Guardian is due with 25% of the total amount, and must pay by 07/04/2019. No payment was made by due date.
2nd Payment - Student/Guardian is due with 50% of the total amount AND 2000 penalty from the 1st Payment, and must pay by 09/15/2019. No payment was made by due date.
3rd Payment - Student/Guardian is due with 75% of the total amount AND 2000 penalty from the 1st Payment AND 4000 penalty from the 2nd Payment, and must pay by 09/15/2019. No payment was made by due date.
IMPORTANT: Penalty will apply immediately after DUE DATE. See Payment Schemes for more information.
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