Following are the most common methods of creating transactions:
· Manual Transactions: You always have the option to enter manual charges and adjustments to a subsidiary account. These transactions are typically journal entries (source = JL) and are used for transactions that the system does not automatically generate.
· Automatic Charge Generation: On the basis of Registration data, you can generate charges automatically. These charges might include tuition, room and board, registration fees, and graduation fees. Automatic charge generation also generates credits for items such as dropped courses and tuition discounts.
· A/R Receipts: The Receipt Entry window allows you to document payments of cash, checks, and credit cards. Also, you can print a receipt.
· Financial Aid: The Financial Aid Office releases awards, grants, and loans to student subsidiary accounts. After the Financial Aid Office releases the aid, you will post it to subsidiary accounts.
· Finance Charges: Finance charges for unpaid subsidiary balances can be automatically created.
· Late Fees: Late fees are similar to finance charges; however, instead of charging a percentage of the balance, a flat amount is assessed as a penalty for late payment. You can generate late fees in addition to or instead of finance charges.
· Advance Deposits: This feature allows you to track prepayments and then transfer those prepayments into an Accounts Receivable subsidiary account at the appropriate time.