Payment Scheme
Last updated: May 13, 2020 by ASL
Last updated
Last updated: May 13, 2020 by ASL
Last updated
Purpose: To setup what payment terms are implemented by the school
Prerequisite/dependencies: None
Output: Terms of payments that can be assigned to student during enlistment and payment
Go to Planning > Finance Setup > Payment Schemes
Newly created payment schemes will be applicable to the incoming school year and not to the current one. See note on the lower left side.
1) Click +New.
2) Fill out the necessary details:
Label - what to call the Payment Scheme
Discount - will the student receive a discount upon availing this Payment Scheme? ; input can be either fixed amount or percentage (% sign should be appended)
Additional charge - will there be an interest fee applied if student avails this Payment Scheme? ; input is fixed amount
Payment Due Dates
Description - what to call the due date (e.g. 1st Payment, etc.)
Due Date - when to pay the amount
Paid % - what percentage of the Total Amount Due to assign for this payment. Note that all entries should have a total of 100%
Penalty - how much penalty will the student incur if due date is missed?
Additional Charge (checkbox) - Additional Charge set for this Payment Scheme will be divided equally on all due dates set where this checkbox is ticked.
Example for Additional Charge (checkbox). See image below.
Additional Charge = 4410.84
Due dates where the checkbox is ticked: Upon Enrollment and 2nd Payment
Additional Charge (4410.84) will be divided equally on the due dates where it is ticked. For this instance, the additional charge will be divided by two (ticked boxes). This means that during payment of Upon Enrollment, there will be a 2,205.42 additional charge; this is the same for 2nd Payment.
The amount of Additional charge set should be divisible by number of ticked boxes.
Example: If Additional charge is 100, and there are 3 boxes ticked, it will prompt an error as 100 divided by 3 has remainder, and the charges should be divided equally.
See image below.
3) Once done, don't forget to click Add payment scheme.
Duplicated Payment Scheme will be applicable to the incoming school year and not to the current one.
Click the copy button to duplicate the Payment Scheme
A window will pop-up to show the existing setting of the copied Payment Scheme that the user can modify.
Once done, don't forget to click Add payment scheme.
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