Financial Deposits Overview

Financial Deposits offer a streamlined way for a student to pay for a course where the details for the course have not been finalised. In this article, we will go over how to create a Financial Deposit for a student.

Creating a Deposit for a Student

A Deposit is essentially a different flavour of a Payment towards an Invoice. When a Deposit is created, the amount in the Deposit will be counted as credit in the student's balance.

Creating a Deposit will also create an Invoice for the Payment so that financial records are consistent.

Start by going to the party profile for the student you’d like to create the Deposit for. On the left side menu, click on Finance then click on Payments.

This will bring up a list of existing Payments against that student’s profile. To create a new Payment, click on the +New button.

This will take you to a page where you can enter the details for the Deposit.

  • Account Credit: This is the total amount of credit that exists on the students account at the present time. This is calculated from existing Invoices and Payments against the student’s profile. 
  • Payment Date: The date that the Payment was created, it will default to today’s date but you can change it if required.
  • Type: The type for the Payment being created. This needs to be set to Deposit, otherwise it will not be counted as one by the system.
  • Source: The source of the funds being used for the Deposit (cash, direct deposit, cheque, etc.)
  • Amount: The amount of money the student is depositing into their account.
  • Reference: If you make use of billing references, you can enter the reference code in this field.
  • Location: The location where the student made the Deposit, these are configured in Administration → Lookups → Locations/Facilities
  • Description: A text field where you can enter a brief description for the Deposit.

Once you have entered all the details for the Deposit, click on the Create button.

This will create the Deposit against the student. You will be redirected to a Payment Advice, where you can review the details for the Deposit. 

The amount in the Deposit will be reflected in the student’s total balance and an invoice will also be created against the student to accommodate for the Deposit funds.

Caylemn is the author of this solution article.

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