Tom Wise sends you a check with deposit money to reserve his preferred dorm room (a Housing Deposit with a subsidiary code of DH) and to reserve his preferred classes (a Tuition Deposit with a subsidiary code of DT). In the fall, you will apply both transactions to Tom's regular A/R subsidiary account. However for now, the money is considered a liability and does not affect Tom's A/R balance. You record Tom's deposits using the receipting program:
Date |
G/L Account |
SBS |
Transaction Description |
ID |
Amount |
06/03/10 |
01-01-1010-1010 |
|
1st American Bank Deposits |
|
300.00 |
06/03/10 |
01-01-2550-2550 |
DH |
Housing deposit |
000000001 |
100.00- |
06/03/10 |
01-01-2550-2555 |
DT |
Tuition deposit |
000000001 |
200.00- |
If you receipt deposits as described above, then you do not have to update the data found in the Student Advance Deposit Paid Flag window. The recommended method is the method described above because there are some procedural difficulties when using the Flag method.
Then when the term begins, you can transfer the tuition deposit and the housing deposit to Tom's Regular A/R subsidiary account. You can make this transfer with manual entries, or you can run one of two automatic functions (Transfer Advance Deposits and Transfer Subsidiary Balances).
After you transfer the deposits, you should clear the flags to be ready for the next term.