Payments Made Prior to Future Charges
Payments made prior to future charges will be applied to those upcoming charge amounts, and designated to their respective categories.
Example: If there is an upcoming charge on 6/1, and nothing is due today as of 3/29, then a payment is made of $500, that will be applied to the upcoming charge on 6/1.
Payments Made Without Any Future Charges
Payments made with no future charges will be added to a "prepaid" category. The prepaid billing category will only apply to open billing categories that are due today or in the past, not future charges.
The prepaid billing category redistributes credits/payments to billing categories with positive charges every day.
If a charge is added after the prepayment has been made in the same day, the redistribution will occur the very next day.
- Example: If there is a $100 payment made on 3/1 to an account that has a $50 balance for a late fee (which is on the account level, not student level) and then a $25 open balance in tuition for student_a, that payment would redistribute $50 to the late fee category, and $25 to the tuition category, with $25 remaining in the PP category for the next set of charges. Now a charge was added on 3/2 of $25 to student_a for book fees, on 3/2 that $25 in the prepaid category will redistribute to the student of $25 to book fees.
Payments that exceed future charges, will also be applied to the prepaid category.
Schools do have the ability to have certain categories excluded from prepayments.
Example: If schools want all payments made prior to upcoming charges only apply to Tuition, they can do so by going to Settings -> Financial -> Billing Categories and enabling this option for every category except Tuition.
Important Note: Please do not deactivate the prepaid category within Settings -> Financial -> Billing Categories. This will stop any prepayments to function properly.