With iClassPro's timeline view of financial information, there are several items to consider when creating charges, particularly with future charge dates. This article will cover some of the main points to consider for your accounting and bill collection practices.
The Anatomy of a Charge.
A charge is an outstanding bill for goods or services placed on a customer account. Each charge is comprised of a charge date, due date, optional early bird date and one or more line items.
- Charge Date - the date in which the charge becomes current, or within its standard collection period (the time between the charge date and due date).
- Due Date - the date that a charge must be paid by to avoid any potential late fees your business may put in place.
- Line Item - the type of charge entry being assessed. The line item information includes the amount, Program and Charge Categories used to track expected income. (Learn more about line item types here.)
The amount of information iClassPro tracks regarding charge history is limited. When you edit a charge amount, you are editing the amount of the charge as it appears throughout the software. There is no record of the previous amount once the charge is saved.
Payments get the information about the program and charge category they are applied to, as well as the amounts that are applied to the charge from the charge data. This also means that when you decrease the amount of a charge after a payment has been applied - you alter past financial reports where the payment appears; primarily the Program Deposit Split report. On the date that the payment was applied to the charge, the portion of the payment(s) applied to the charge that is equal to the difference in the price will now display as unapplied.
When charges are deleted, they will no longer appear in the customer's ledger, the parent portal or statements.
To remain consistent with other financial reports which will display any payments that had been applied to the deleted charge as applied to the program and charge category of that charge at the time it was on the ledger - the charges will show up in the Category List Report for the time period between the charge date and the date of the deletion.
If a Category List Report is run for dates which extend past the date that the charge was deleted, it will disappear from the report. This is to match any payment based reports, which would also show the status of the payment as unapplied at the time that the charge is deleted.
Future Dated Charges
A future dated charge is any charge with a charge date that is recorded as a future date. Because all charges issued in iClassPro appear on the customer ledger as outstanding at the time the charge is created, even future dated charges can be marked as paid. This means that a certain amount of a payment can be "reserved" for the charge when it becomes current. At this point, the charge will no longer show as outstanding to the customer in the Parent Portal and on Statements.
However, from the timeline view used by our reporting system, the payment will remain unapplied. When the charge becomes current, the payment will move from being unapplied to being applied toward the Program and Charge Category of the charge. We call this the payment's "applied date." This date is important, because it allows us to track any changes to how a payment is used over time. (Read more about payment tracking here.)