2014 user conference- charges and billing tasks (4/6)
DESCRIPTION
(Part 4 of 6) For those customers who are concerned with optimizing billing tasks, this presentation goes over the key components of charges on family ledgers. It also covers our Billing Operations Checklist, why we recommend developing one for your business, and more! For more help, search our Knowledgebase at www.Support.iClassPro.comTRANSCRIPT
BILLING CUSTOMERS: CHARGES
CREATING CHARGESUNDERSTANDING THE ELEMENTS OF
A CHARGE.
THE CORE ELEMENTS OF A CHARGE:(CHARGE) DATE- Date the charge is issued & will show on financial reports.
DUE DATE- Date the charge becomes due for payment.
LINE ITEM TYPE- The type of charge being created on the account.
PROGRAM- Where the income should be tracked for this charge.
CHARGE CATEGORY- The label identifying the specific purpose of this charge.
CHARGE TITLE- (optional) More charge info.
AMOUNT- The transaction amount.
TAX- Tax being applied to the charge.
GROUP CHARGES FOR “OTHER” LINE ITEMS
GROUP/MISC. CHARGE- A charge created by selecting multiple students or families from a list, using the same charge information for one or more line items that are not recorded as class/camp tuition or anniversary fees.
THIS IS GREAT FOR:• Misc. Team Fees• Meet Fees• Uniforms• Merchandise
*NOT FOR TUITION OR ANNIVERSARY FEES!
THE IMPORTANCE OF LINE ITEMS:
Line items are vital billing tools used behind the scenes in iClassPro to help track the types of charges which occur on customer accounts.
• Class Tuition- required for the “detect duplicate charges” feature on Global Tuition Charges.• Camp Tuition- used to determine the unbilled amount for camp enrollments on Global Block
Charges.• Anniversary- used to search family ledgers for the last anniversary fee charged during the
anniversary timeframe in your settings.
MONTHLY OR SESSION BILLING CYCLES
LET’S START….DEFINING BASIC BILLING
SETUPS
BASIC BILLING SETUPS/CYCLES
MONTHLY BILLINGBILLING BY THE CALENDAR MONTH
- - - - - - - - - -Hourly or flat rate, prorated over the number of class periods within a calendar
month. Usually between 3-5 potential class periods per month. (Default Billing Setup)
ONLINE REG: Charges cover first month of enrollment.
1
BASIC BILLING SETUPS/CYCLES
SESSION BILLINGBILLING BY A CUSTOM DATE RANGE.
- - - - - - - - - -Hourly or flat rate, prorated over the number of class periods within the date range.
(Determined by the attached Session or Rolling Session)
ONLINE REG: Charges fees for entire session/rolling session unless force month is selected in the billing schedule settings.
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GETTING THROUGH THE BILLING CYCLE
BILLING OPERATIONS CHECKLIST
(RECOMMENDED BILLING PRACTICES.)
THE BILLING OPERATIONS CHECKLIST
1 Process New Enrollments & Online Activity Daily
2 Keep Charge Categories Consistent and Up-to-Date Daily
3 Process Global Tuition Charges (Class Tuition) August 25, 2014 (Charge Date)
4 Process Global Block Charges (Camp Tuition) August 25, 2014 (Charge Date)
5 Process Anniversary Charges (For Eligible Families) August 25, 2014 (Charge Date)
6 Apply Credits Already Posted to Accounts. August 25, 2014
7 Print/Email Statements using Batch Statements August 25, 2014
8 Draft Credit Cards, eChecks, or NACHA using Auto Payments September 1, 2014 (Due Date)
9 Process Late Fees September 5, 2014
10 Drop Unpaid Accounts using Mass Drops September 10, 2014
Create Charges & Send Billing
Notifications in Advance.
Apply Any New Credits & Collect
Auto Payments on Due Date.
(EXAMPLE: SEPTEMBER MONTHLY TUITION)
GATEWAYS & MERCHANT ACCOUNTS
COLLECTING PAYMENT- USING A GATEWAY
ACH BANK DRAFTS/NACHA FILES
COLLECTING PAYMENT- USING AN ACH FILE
1. CREATES CONSISTENCY AND PREDICTABILITY IN YOUR BILLING
PRACTICES.
WHY THIS BILLING METHOD?
Advantages to Using the Checklist:
2. GIVES STAFF AND CUSTOMERS TIME TO FIND AND
PREVENT BILLING ERRORS BEFORE PAYMENTS ARE DRAFTED
FROM CUSTOMER ACCOUNTS.WHY THIS BILLING METHOD?
Advantages to Using the Checklist:
3. AVOID UNNECESSARY REFUNDING COSTS AND HASSLES
AND KEEP CUSTOMERS HAPPY.
WHY THIS BILLING METHOD?
Advantages to Using the Checklist:
4. GET PAID QUICKER! ALLOWS YOUR CUSTOMERS TO VIEW BILLS & MAKE ALTERNATIVE ARRANGEMENTS
WITH YOUR STAFF IN ADVANCE.
WHY THIS BILLING METHOD?
Advantages to Using the Checklist:
REQUESTED TOPIC: DEALING WITH PARTIAL
REFUNDSDue to certain gateway integrations and the organization of ledger
data, iClassPro does not currently support processing partial refunds directly through our software.
However, this is a feature we plan to incorporate a future update, once all of the necessary preparations are made.
While we are working on the necessary changes, here are the three recommended methods for recording refunds in iClassPro.
RECOMMENDATIONS:
Refund in full and collect payment again.
(Full refunds are supported)
Issue a partial refund directly through the gateway, then
manually correct the ledger.
Issue a partial refund directly to the customer via check or
cash payment.
1 2 3
REQUESTED TOPIC: PARTIAL REFUNDS
CORRECTING LEDGERS1. Copy the initial transaction data for your records.
2. Delete the original transaction.
3. Create 2 New Payments to replace the original transaction.• One for the amount kept by your business & one for the refunded amount.• Use External CC, Cash, or Check payment types to avoid drafting the customer
a second time.
4. Adjust the original charge amount (if not already done).
5. Apply the payment entered for the amount that was kept to
that charge.
6. Mark the remaining payment as refunded.
POPULAR FINANCIAL REPORTS: Category List Report- shows charges issued by charge date, added taxes, and the balance paid/due.
Bank Deposit Report- shows payments collected by date, with optional program, location, and charge category information.
Program Deposit Split Report- shows payment totals collected by program, broken down into charge categories, refunds, and unapplied payments.
Aged Accounts Report- shows past due accounts by the period of time the charge(s) is(are) overdue. All accounts one or more days overdue are eligible for late fees using the Late Fees task under
Transactions.
QUESTIONS?FEEL FREE TO CONTACT SUPPORT,
SEARCH OUR KNOWLEDGEBASE, OR REFER TO THE QUICK REFERENCE
GUIDE FOR HELP!
877.554.6776ICLASSPRO.COM