The Deposit / Fee Setup are the (Re) Enrollment Contract Settings which determine how deposits payments are handled for the (Re) Enrollment Contract. The deposit and fee options are specified on the Contract > Settings page in the “Deposit / Fee Setup” section.

Convenience fees are an additional fee applied when a credit card is used to make the deposit payment.  The convenience fee is created as a separate invoice issued the day the payment is made.

Convenience Fee Product is the product to use for the convenience fee invoice.  The product has either a fixed amount or a percentage that is used to determine the invoice total.

Convenience Terms is the payment term used for the convenience fee invoice.  The payment term for a convenience fee should be a payment term which is due immediately.  Example: Create a payment term called Due Immediately with Due Percentage 100% and Due Fixed # Days 1 day from the Issued Date.

Convenience Memo is the memo shown on the customer statement for the convenience fee invoice.

Accumulate Deposits determines if a single daily deposit should be accumulated.  For most payment processors, schools have an option of accumulating payments through the course of the day and then receiving one payment from the payment processor at the end of the business day. This approach simplifies bank reconciliation, as you have at most one daily deposit from your payment processor.  To make bank reconciliation easier, you can have all (Re) Enrollment Contract payments applied to a single deposit per day in this same manner for the Finance module.  

Accumulate Description is the description for the deposit.  The actual deposit description format is:  “Accumulate Description [Date] [Method]” where the method is either Credit Card or ECheck.

Accumulate Time is the cutoff time for when the system starts accumulating a new deposit.  Any payments received after this time begin accumulating with the next Accumulate Deposit description.  This time should match the settlement time for your payment processor.
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