Use the Accounts Receivable pages to keep track of funds that are received by the district.
There are two basic steps involved in the accounts receivable process through SchoolInsight Financials: Money received by the district is entered as a receipt, and that receipt is linked to a deposit when the money is officially deposited into a financial institution account.
The following sections will explain the initial setup and the two steps of the accounts receivable process:
At the beginning of the year, navigate to Financials Main > Accounts Receivable > Options to configure some basic settings
1. Create Transactions for Receipts
This option should be enabled if you want to create journal entries for each receipt, in addition to the journal entries for each deposit.
If this option is enabled, you will need to provide a balancing account on every receipt. This asset account will be debited upon creation of the receipt and credited upon deposit. You may select a default balancing account here, although it can be changed for every receipt.
2. Be Able to Create a Deposit for Every Receipt
Enable this setting to add a “Create Deposit” option on every receipt. Checking
“Create Deposit” allows you to create the deposit in the same window as the receipt, saving time.
3. Default Deposit Bank Account
If most funds are deposited into the same bank account, you can select a default on this page. The financial institution you choose will automatically be selected on every deposit, although you will always have the choice to change it before saving the deposit.
Every instance of revenue to the district should be recorded as a receipt on the Financials Main > Accounts Receivable > Receipts page. When you create a receipt, you can provide information such as who gave you the money (customer), how it was received (type), and exactly what items/services were paid for (line items).
The receipt is typically created when the money is in hand. If the “Be Able to Create a Deposit for Every Receipt” option is enabled, you can check Create Deposit to fill out the deposit information in the same window.
A deposit shows a record of when a received payment was deposited into the district’s financial institution account. A single deposit may be linked to multiple receipts from different customers, as when the school collects several checks throughout the week and deposits them all at once on Friday.
There are two ways to create deposits:
1. Create a receipt and deposit simultaneously
If the “Be Able to Create a Deposit for Every Receipt” option is enabled, you can create the receipt and deposit simultaneously. On the Create Receipt window, check “Create Deposit”, choose the state of Created or officially Deposited, and select the correct bank account for the deposit.
2. Create a deposit after the receipt(s)
If you want to link a deposit linked to multiple receipts, or if you created the receipt(s) in advance of depositing the money, creating deposits is a separate step. Either from the Receipts or Deposits page, click Create Deposit. Select one or more receipts that will be linked to this deposit, fill out the rest of the information, and save.