Curious how this works for others. Contracts go out at the end of April for the upcoming school year. Families sign and pay a 10% deposit through BBMS. Enrollment deposits are put towards the payment plan that starts on 7/1, so a credit or credits are made based on the payment plan installments. The enrollment deposit payment is disbursed according to our BBMS schedule, which is once a week I believe. When we post it to the GL, it hits AR and our bank account. We record all contracts that have been signed by 6/30 to the GL into Deferred Income and hit our AR account. Come 7/1, we record a reversing entry out of deferred and into our income and discount accounts.
The problem we're having at the moment is, our auditors want an expected AR report per student that shows the contract amount due, less the enrollment deposit and/or early payments, which would be the student account balance at 6/30 without incidental fees. In Billing Management, AR aging report doesn't work, even with future transactions because the enrollment deposit payment isn't showing. Is there a way to do this without manually going through each account? I have already gone through contracts signed for deferred revenue, enrollment deposits, and early payments and reconciled it to the AR account at year-end (and provided to our auditors). This is the first year they have asked for this report since we have had Billing Management. It would be great if there was a report that reflected what I could see in the student's account at a specific date before a payment plan or school year started. Unless I just have to run a Student list on 6/30 with the current balance, but that would also include incidental fees. Is there something I'm missing that could help? How can I change or improve my process for next year? Any suggestions help!
