What does this feature mean?
An academic year is divided into different rates, that is, the various periods for which students are to be charged. Most schools charge a termly fee and use the rates autumn, spring and summer term. However, it is also possible to invoice different ways for example, monthly.
Why should I use this feature?
To generate fees for the students each term, you need to set up billing periods and link them to your fees.
You can invoice once or multiple times within the same rate. The system automatically keeps track of what has been invoiced and what has not within the period to ensure nothing is invoiced twice.
How do I use this feature?
Step 1: Create Rate
Go to 'Settings -> 'Finance' -> 'Rates'
- Select the teaching period in which you want to add the new rate(s)
- Click on '+Create' to add a new rate or choose 'Copy from teaching period' to copy from a previous academic year
Step 2: Update Fees
Now you must add the billing period(s) to your fees.
For each fee you will need to use, complete the following steps:
- Go to 'Settings' -> 'Finance' -> 'Fees'
- Click on a fee.
- Click on '+Create'
- Select the new rate
- Enter the amount of the fee
- If you wish, you can enter the price per lesson. If you apply a reduced fee for late start/early finish, the system will use this amount when calculating the deduction. This field can be left blank.
- Select ledger code
- Tick the checkbox if automatic discounts, such as sibling discount, should apply to this fee (contact support if you need help setting up sibling discounts in the system)
- Click 'Create'
If you have set up several rates at once, for example both Autumn, Spring and Summer repeat the steps for each rate.