The Student Activity Accounts page offers a handy way to keep track of the revenues and expenses for school-approved extracurricular activities. By adding a “beginning balance” and indicating which account numbers are associated with each activity, you can run reports to get separate balances for each.
Use of the Student Activity Accounts page should not change how revenues and expenses are recorded. As per usual, revenues are recorded in Accounts Receivable and expenses are recorded in Accounts Payable.
To begin tracking Student Activity Accounts, first create each activity account, link it to the account(s) from your Chart of Accounts, and enter the Beginning Balance.
To create each activity account:
- Go to Financials Main > Setup > Student Activity Accounts
- Enter the details
Revenue Accounts and Expense Accounts
The Revenue Account indicates which account is affected when the account earns money and Expense Account indicates which account is affected when the account spends money. Typically, the account choice seems to vary by state:
In Missouri, it is common to use a Revenue account in the Revenue Account field and an Expenditure account in the Expense Account field. In this case, the Current Balance is calculated as:
Current Balance = Beginning Balance + Revenue Account - Expense Account.
In Illinois, it is common to use the same Liability account for both fields. In this case, the Current Balance is calculated as:
Current Balance = Beginning Balance + Liability Account
Beginning balances can be entered while creating each account, or they can be entered en masse afterward by clicking Mass Enter Beginning Balances at the bottom of the page. In either case, the beginning balance does NOT create a transaction in the General Ledger.
Current balances for each Student Activity Account can be found at Financials Main > Setup > Student Activity Accounts. The page itself shows the beginning balance, fiscal YTD revenues, fiscal YTD expenses, and current balance for every account. You can click Printable Page at the bottom to get a printable version.
Additionally, you can run the Account Balances Report at the bottom of the page (or in the General Ledger menu). This report shows the same information, with the option of showing individual transactions, and can be filtered to display only certain accounts. Each account can be printed on a separate page so that the individual sponsors can get the details for only the activity accounts that they manage.
You may also run a Saved Report to view the transactions only. Beginning balance data is not included, so there is no way to calculate the current balance on a Saved Report.
- Go to Financials Main > Saved Reports > Create
- The Type may be either Details or Summary, depending on whether you want to show individual transactions or only the balances
- The Data Type should be one of the sub-types of Student Activity Accounts
- Transactions for all details
- Payments, Invoices, Line Items for all details entered as an invoice
- Receipts, Deposits, Line Items for all details entered a receipt