There are two main reports in iClassPro used to track income on a daily basis. Those are the Bank Deposit report and the Program Deposit Split report. These are also the reports that will see the most drastic changes on the new ledger system.
Changes to the Bank Deposit Report
The bank deposit report is a list of all of the transactions that took place at your business that were recorded in iClassPro. These transactions include new payments, refunds and deleted funds. This report can also be run with the “Show Programs” option, which will give you more information about how the funds listed were applied.
Why We are Tracking Deleted Funds
On the new ledger system, we include records of deleted funds on the bank deposit report to ensure that accountants and book keepers do not run into an instance where they have over-reported income in their separate accounting software. Previously, deleting a payment would have caused the payment to be removed from all reports entirely (potentially changing past reports already used to reconcile accounts). For same day deletions, this did not have much effect because iClassPro reported based on the status of information at the end of the day.
However, if a check payment for $500 was entered on January 1st , then deleted one or two days later and replaced with a $50 check payment (due to a typo), it was easy for this action to slip under the radar. If the accountant or book keeper had already reconciled for January 1st before the payment was deleted, they would have recorded $550 as income for the time period. When in reality, $50 was all the income they had received.
With the new ledger system, we have included deleted funds on the Bank Deposit report as a negative entry so that accountants and bookkeepers have a more accurate view of the entries and any daily corrections made in iClassPro. When a payment is deleted, it is moved from the top section of the bank deposit report to the bottom section, reserved for deleted payments.
Changes to the Program Deposit Split Report
The program deposit split report breaks down income into the Programs and Charge Categories that payments are applied to after receipt. This report uses totals derived from the combination of income, refunds and deletions for the requested time frame to give you a better overview of what areas of your business money is being collected from. The top section of the report is reserved for new entries, refunds and deletions, matching the Bank Deposit Report. Payments that are recorded but not applied to a charge will be reported as un-applied.
If an un-applied payment is applied on a date following the original payment date, or a past payment is un-applied and applied again to a different charge, it will appear in the Adjustments section of the report. This new section of the report is for tracking income you have already accounted for on a previous date, but has been moved around within your business on the date of the report. These types of entries will help you account better for where money ends up at the end of the financial year, but will have no impact on your new income numbers for the day.