If you did NOT purchase the SchoolLeader Accounting Package or if you will NOT be using the SchoolLeader A/R system, then you can bypass this chapter.
Your A/R Chart of Accounts will be used to track and report your REVENUE. Every A/R payment, charge, and credit entered in SchoolLeader will be 'bucketed' into an account based on your A/R Chart of Accounts. Each of these buckets is referred to as a SUBACCOUNT and ties back to a G/L Account (if you are using G/L).
Don't confuse these subaccounts with your fees. Recurring fees are defined later and separately. The subaccount is simply a place to accumulate and categorize your activity. Fees would be a form of activity.
If you have any questions on how to set up your A/R Sub-Chart of Accounts, you should consult with your accountant.
To access this window click on Accounting from the top toolbar, then click Accounts Receivable, then A/R Rules, then Edit A/R Subsidiary Chart of Accounts.
This window allows you to define your Chart of Accounts for your A/R subledger. Your subaccounts can use any numbering scheme as long as they follow these rules:
must be all numbers (no special characters or letters)
must be between 1 and 4 characters long
You may change the description of the 101 account to reflect a different purpose, or you can choose to not use it at all, however this is a default A/R account when none are provided and it cannot be deleted.
|
Column |
Definition |
|
Subaccount Code |
The numeric value you assign to uniquely identify the subaccount. It must be all numbers (no blanks or special characters, and must be between 1 - 4 characters in length). You cannot delete the 101 account, however you change its description. |
|
Description |
Description of this subaccount (e.g. Infant Tuition, Toddler Tuition, Enrollment Fees, etc). |
|
G/L Parent Account |
The corresponding G/L account code used to upload this A/R activity to the General Ledger. If you are not using the SchoolLeader G/L system, then select 'NOT DEFINED'. |
|
Export Account Name |
Defines the name of this account to be used when sending data to QuickBooks, an external Accounting Package. For example, the SchoolLeader 201 account may be called "Misc-Revenue" in QuickBooks. The name "Misc-Revenue" would be entered here. If you are not using the SchoolLeader / QuickBooks interface, then simply repeat the subaccount code in this Export Account Name column. |
|
Tuition Revenue |
Identifies that this subaccount will represents tuition revenue. Several SchoolLeader reports distinguish between tuition revenue and non-tuition revenue. You need to decide whether or not this subaccount is associated with tuition revenue. If it is, then double click on the Tuition Revenue box. A checkbox will appear to indicate it is selected. |
|
Allocation Order |
When you post payments this allocation order will tell SchoolLeader the order to use when offsetting outstanding charges. This would only matter if the customer was not paying in-full. This is particularly useful if you need to pay royalties or tithing on certain types of revenue ahead of others. If you are a private business that doesn't particularly care about the order of how payment money is allocated, then you can set all of your allocations to be 1. |
In addition to your defined subledger accounts, there are three permanent accounts that cannot be modified or deleted. These accounts are used internally by SchoolLeader to support standard accounting practices as follows:
|
Account |
Definition |
|
BADDEBT |
Account used to accumulate write-off charges. |
|
ESCROW |
Account used for tracking escrow dollars. Note: Escrow funds are any monies you receive which should be held outside the regular customer account balance. This can be useful for holding security deposits, etc. Escrow does not equate into the customers current balance due. |
|
PREPAY |
Account used when a parent over pays their balance. Often, a parent prefers paying on a monthly basis, even though their tuition may be billed weekly. In this case, SchoolLeader tracks this 'extra payment' as a Prepayment. |
Three are 3 buttons along the top of the window that are used for:
importing a predefined A/R Chart of Accounts
exporting the existing A/R Chart of Accounts
printing the A/R Chart of Accounts (print grid)
The import/export categories are designed specifically for our customers who operate multiple centers, and want all of their centers to use the same A/R Chart of Accounts.
Importing a Chart of Accounts will overwrite your current chart. DO NOT use this feature for an existing database. This can only be used when you are first setting up your school.