Sunday, February 17, 2019

Accounts Update

We'd like to announce a major update of the ampEducator accounting section. The changes add several requested features while maintaining the existing features and workflow of the current system. Some of the key features of the updates include invoices, proper account journals, automated statements and a built in aged accounts receivables summary.

The Financials Tab in the Student Profile has been replaced with Accounts and all prior transactions can still be found under Activity. Activity is where you can perform the same actions as before in Student Financials.

Another helpful feature is that if any user mistakenly deletes a transaction record Admin Users now have the direct ability to Restore errors by filtering on Deleted transactions and then clicking on Restore icon to the right. Only Admin users can Delete Invoices, Location Admin do not have this permission.

Please see below for a detailed explanation of the updates:

Students > Financials

This section has been replaced and is no longer available.

Students > Accounts
  • Summary
    • Provides a quick overview of the student's account including current balance, current due, aged accounts receivables as well as funding amounts.
  • Activity
    • An overview of the account activity for this student. The list includes any invoices, payments and adjustments made to the account. For convenience all account actions are also available here.
  • Statements
    • Statements for a student can be generated at any time. The statements always include all account activity and payment plan for the student and are generate as of the current date. Statements can be viewed, emailed, downloaded or deleted.
  • Payment Plans
    • A payment plan can be created for a student. The plan can come a previously configured template in the system or can be created by having the application automatically divide the amount into equal weekly, month or quarterly parts. Once a payment plan in enabled the student's accounts receivable balances switch to tracking the payment plan.
  • Invoices, Adjustments, Funding, Journal
    • Identical to their counterparts under Accounts but filtered for the specific student.
Students Portal -> Accounts

The previous accounts section in the student portal has also been updated to match with corresponding changes in the main applications.

  • Summary
    • Provide a quick overview for the student showing them their current balance, current due, aged accounts receivables as well as funding amounts.
  • Activity
    • An overview of the account activity for this student. The list includes any invoices, payments and adjustments made to their account. They can view details for any item and if a merchant has been configured they can also make an online payment.
  • Statements
    • Generated statements can be viewed and downloaded by the student.
  • Payment Plan
    • If a payment plan has been setup for the student it can be viewed here. The plan will show all items and their current status.
  • Online Store / Fees
    • If  a merchant is configured students can purchase any items configured to be available to them. They can pick from items on the list which populates a shopping cart. They can then checkout and pay for the items. 

Institution Config > Accounts

The changes to accounts include several new configuration options which are described below.

  • Invoice & Payment IDs
    • Allows you to setup specific templates for invoice and payment IDs. Along with a unique number you can pre and post append custom text along with years, months and dates.
  • Accounts
    • Account codes and names for Receivables, Interest Charges and Discounts can be adjusted.
  • Late Fees
    • When enabled ampEducator will automatically add interest charges to accounts which have overdue invoices. The late charge period (i.e. daily, weekly, monthly) as well the interest rate can be adjustment.
  • Statements
    • When enabled ampEducator will automatically generate statements for students with a balance on their account. The statement generate day can be configured and statements can be emailed to students automatically.
  • Online Payment / Purchase Notifications
    • If a merchant has been enabled for online payments you can now select users to receive an email notification when an online payment or an online purchase (from the student portal online) has been made.
Accounts > Home

Under the Home menu there is now an 'Accounts' section where all account related features can be found. The five new tabs in this section are:
  • Summary
    • Revenue 
      Allows you to graphically see revenue over time. The results can be filtered over time, location, program and course.
    • A/R Summary
      Quick at a glance view of your institutions accounts receivable position.
    • A/R Aged
      A list of students with accounts balances outstanding broken down by Current, 30 Days, 60 Days and 90+ Days.
    • Accounts
      A list of all account journal accounts the software is tracking and their current debits and credits.
  • Invoices
    • New Invoice
      You can now create invoices for students. Once created you can add custom items or choose from any of the session, course, program or other fees already defined for your institution.
    • Post Invoice
      By default invoices are created in 'Draft' mode. Any changes to the invoices aren't reflected in the student's account. Once satisfied an invoice can be posted after which it becomes a part of the student's account. Invoices can be changed after they are posted but all changes are recorded in journal entries.
    • Apply Payments
      Payments can be applied directly to payments or applied automatically to any outstanding invoices.
    • Email / Download Invoices
      Invoices can be emailed directly to the student or downloaded to generate a hard copy.
    • Delete / Undelete Invoices
      Admin users can delete and undelete invoices.
  • Payments
    • New Payment
      Regular and online payments (if configured) are now processed through the one payment page. Payments can be applied to individual invoices or automatically to outstanding invoices. Payments can also be flagged as funding payments and automatically be applied to any outstanding funding.
    • Edit Payment
      Payment date, amount, funding source and note can be edited. Changes are reflected in journal entries.
    • Email / Download Receipt
      Receipts from any payment can be emailed directly to the student or downloaded to generate a hard copy.
    • Delete / Undelete Invoices
      Admin users can delete and undelete payments.
  • Adjustments
    • New Adjustments
      Adjustments are debits or credits to a student's account. Adjustments can be entered manually or be chosen from any of the session, course, program or other fees already defined for your institution.
    • Process Refund
      A refund adjustment can also be made using adjustments.
    • Delete / Undelete Adjustments
      Admin users can delete and undelete adjustments.
  • Funding
    • New Funding
      Expected funding from multiple sources for each student. As payments are received funding amounts are automatically updated and tracked.
    • Delete / Undelete Funding
      Admin users can delete and undelete funding.
  • Journal
    • Every account transaction is now recorded in a general journal. The general journal can be used for both auditing purposes and as a source of export data for most accounting software.