Every once-in-a-while it happens. For one reason or another, you get stuck making entries before or after a payment actually takes place. Here's how those payments are handled in iClassPro with the new ledger.
Entering a Payment from a Past Date
From the New Payment window, it is possible to back-date a payment.* For example, if you received a cash payment when the internet or power was out, you can go in the next day and record that payment on the family it came from by simply adjusting the payment date in the New Payment window.
After saving the payment, in your financial reports, the Bank Deposit report will show the payment as having been received on the entered date. This is the only way in which iClassPro's new ledger will allow you to change a past or historical report.
NOTE: If you are back-dating payments which already took place on a credit or debit card outside of iClassPro, use the External Credit Card Device entry type to avoid double-billing the customer. If you enter a payment using a Card Present or Card Not Present payment type (such as Auto-Pay, Credit Card Manual, Credit Card Swipe or eCheck), the payment will be processed through your gateway for the current date.
* NOTE: To change the date of a payment you are entering, you must have the user permission "Allow Editing of Payment Dates" set to full. If not, iClassPro will not allow you to record the payment with anything other than the current date.
Entering a Payment for a Future Date
In this case, you are usually talking about a check that you already have in hand with a future date written on it. It is possible to future-date the check payment in iClassPro.* However, the payment will not show up in reports as applied or un-applied until the date entered for the payment date.
When accepting payments for future dates, there are a few different items to note:
For Physical Checks:
- If you are depositing the check early, your bank may or may not be able to legally take the check. (For U.S. residents, this depends on your state laws.)
- If you are depositing the check early, your bank may or may not be able to withdraw the amount indicated on the check before the date written on it by the customer. Meaning that if your customer did not intend for you to cash the check until that date, your bank may or may not concede to their wishes. (Again, for U.S. residents, this depends on your state laws.)
- If you are holding onto the check to deposit it on the date written by the customer, you should be in the clear. Just make sure that it's okay with your owner/manager and keep the check in a safe place so that it doesn't get lost or forgotten.
We do not recommend future dating cash, eCheck or credit card payments. Any transactions processed through the gateway account connected to your iClassPro software will be processed same-day. They cannot be scheduled in advance.
Applying Payments on the New Ledger
The date a payment is applied to a charge is important because the payment will not show as associated to a program or charge category until the applied date. If a payment remains un-applied, the charge that the payment was intended to balance will remain outstanding regardless of a family's overall ledger balance, which can lead to families being over-drafted for those charges.
Because payments are associated with the programs and charge categories indicated by the charges they are applied to, if a payment (created on any date) is applied to a charge with a future charge date, it will not show as applied on financial reports until the charge date.
EXAMPLE: I have charged a family on the 20th of December for January tuition with a charge date of January 1st, 2016. The family comes in on December 30th to prepay by a different means than their autopay method. I happily take the payment and apply it to the charge. The family's ledger is now balanced and the charge is marked as paid. However, the payment will show as un-applied on both the December 30th Bank Deposit and Program Deposit Split report. On January 1st, after the charge has become current, the Adjustments section of the new Program Deposit Split report (January 1st) will show the payment being moved from the un-applied payments total (negative change) and placed into the Program for the charge (positive change).