These rules allow you to define how SchoolLeader handles NSF checks and any reapplied charges related to reversed payments.
SchoolLeader's A/R system has a built-in process that helps you manage "bounced" checks due to non-sufficient funds (NSF). When a payment is marked as NSF, SchoolLeader will identify and reapply the original charges, well as post an NSF service charge amount.
To access the Payment Reversal & NSF Rules, click on Accounting, then Accounts Receivable, then A/R Rules, then Edit Payment Reversal & NSF Rules. The following window will be displayed:
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Enter the Service Charge amount to be posted to the Primary Guardian's account when they bounce a check.
Click on the down arrow to select the appropriate subaccount for tracking NSF Service Charges on your subledger.
When a payment is reversed (for any reason) the original charges covered by that payment must be reapplied to the persons account so you can be re-paid. You can tell SchoolLeader which A/R sub-account to use by selecting the subaccount from the dropdown OR choosing the default option "Original Account".
If you are not tracking revenue in a General Ledger, using the "original account" will not be a problem. However, keep in mind that when the original charge is reapplied to the original account, it will result in an overstatement of the revenue generated. In other words, $50 tuition charged last week and then reapplied this week will make it appear as if you billed for $100 of tuition for this customer, when in fact, it was only $50. For this reason, many users will probably want to setup a separate subaccount in the A/R Subledger for booking reapplied charges. This subaccount can be ignored at the G/L level and not factor into revenue totals.