Need to separate payments into particular income accounts

1

using ver 24.12.12.1976

Problem:
Student’s tuition is paid by co-pay, external sponsor and school credits.

sponsor wants to see their payments summed up (for the audit), and also in the students’ account statements.

Tried:
I have created an income account for the sponsor.

When i edit the receipt to move the transaction from Acct receivable to the sponsor’s account, it disappears from the student’s invoice. It still shows “paid by” as the correct student though.

Q) How can i mark particular receipts so they can be summed up as being by the sponsor, but remain as paying off the student’s invoice.

2

Welcome to the forum @hemantbhai100,

I may have a possible solution but first I need to understand your case a bit better.

Regarding co-pay, is this partly paid by the sponsor and partly paid by the student?

Also, what do you mean by this:

Do you have a specific report format?

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3

co-pay is paid by the student/parent, sponsor pays a part and the school puts in the rest as scholarship.

sponsor wants to ensure their funds are utilized and accounted correctly. so if they sent 2500 for student X, and 5000 in total for all the students, the student accounts should reflect.

So they want to see -

  1. student accounts show correct statements with their payment
  2. that the total sum sent by them can be seen and verified in the school accounts.

The report format doesn’t matter as long as data is meaningful.

4

Hasn’t it been for those partial sponsorships the solution would have been straight forward by grouping sponsored students under a separate control account. But that wouldn’t work in your case.

One possible solution is to use a clearing account of some sort, preferably a virtual bank account for sponsorship funds, let’s call it for example “Sponsorship Clearing Account”.

The workflow goes like this:

  1. Sponsors pays money, translate into an Inter Account Transfer from actual bank to Sponsorship Clearing Account.

  2. A Receipt from Sponsorship Clearing Account account pays student invoice either fully or partially.

In order to get your report, you can simply get the Receipts or Inter Account Transfers from this Sponsorship Clearing Account.

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