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How to record advance tuition payments to reduce monthly payments?
How to record advance tuition payments to reduce monthly payments?
How to record advance tuition payments to reduce monthly payments?
Question:
I have a family that has made a couple of payments in advance. They have paid $1,500 in order to reduce their monthly payments by $150 per month (we have a 10-month payment cycle). Can you recommend a way for me to apply the 2 advance payments evenly over the 10-month payment period rather than to the earliest payments?
Answer:
If they are planning to pay $640 each month from May to Feb, it may be best to set the due amount for May 1st payment to be $2140 and allocate the $1500 against it. This way, the remaining amount on May first and every month after will be $640 ($150 less per month).
PCR Educator K-12 School Information System is an online database engineered for independent and private schools to deliver the highest level of flexibility, unique experience, transparent communication and customized design. Being a complete cloud-based solution, PCR Educator system guarantees convenient access anytime, anywhere.
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