DESKTOP EDITION CLOUD EDITION SERVER EDITION GUIDES FORUM

Recieving cash in school from students


#1

We are receiving cash from students in respect of Admission Fees, annual charges, Security Refund and Examination Fees. How can we link the following accounts:-

student, cash and above three accounts.


#2

You can add Customers tab and treat each student as a customer. When their fees are due, you should issue an invoice. The benefit of using accounts receivable is that it will allow you to track which students still owe money.


#3

Example…on 1 June Fees due by student. he will pay on 5 june.
What will be the entries on 1 june and 5 june?


#4

You should create an invoice with due date on June 1. Then receive payment for that invoice on June 5 under Bank Accounts or Cash Accounts tab.


#5

We have 350 students and Fees is almost same for all. Should I create 350 different invoices for each month for each student?


#6

You have two choices in my opinion:

  1. Create 350 invoices, one for each student. If these invoices recur, you can set them up as recurring invoices. But each student must be a different customer. Receive money against the sales invoices.

  2. Publish a schedule of fees that apply to all students, with due dates. As students pay, simply receive money in a cash or bank account.

The advantage of #1 is that you can produce a statement for each student, but you must create a customer every time you have a new student. The advantage of #2 is that you have only half the transactions to enter. But you would lose all information about individual students and could not look up what any given student might owe.