Each fee code allows you to create an initial charge that has only one debit and one credit. (Subsequent adjustments and refunds may involve more than two transactions.) This means the income that offsets a persons charge may not be split between two income accounts.
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Suppose an organization wants to record graduate tuition income in one account and undergraduate tuition income in another account. If a student takes both graduate and undergraduate courses in the same term, the organization wants to split the income between the two income accounts according to the courses the student has taken. In order to accommodate this need, the organization must create two fee codes one for graduate income and another for undergraduate income. |
The illustration below shows a charge that is offset by two income transactions. The program that creates automatic student charges will NOT generate these transactions.
Date |
G/L Account |
SBS |
Transaction Description |
ID Number |
Amount |
09/01/10 |
01-01-1020-1200 A/R - Regular |
AC |
Tuition - Full time |
000000001 |
2,450.00 |
09/01/10 |
01-01-4010-4040 Graduate Tuit Inc |
|
Graduate Tuition |
|
1,000.00- |
09/01/10 |
01-01-4010-4050 Undergrad Tuit |
|
Undergraduate Tuition |
|
1,450.00- |
Instead, the organization must create two fee codes: one for undergraduate tuition and one for graduate tuition.
Fee Code |
Description |
Charge Type |
TU |
Tuition - Undergraduate |
S |
TG |
Tuition - Graduate |
S |
When the student is assessed, the program will determine the charge and credit for each fee code. As a result, each fee code will generate a debit and a credit for the student.
