Balance Calculation Scenarios

Below are different scenarios related to balance calculation.

Scenario I: Smith Family has two posted invoices of $500 each issued on 7/1/2018. They make a payment of $1000 on 7/15/2018 which was posted the same day.

i) What is the customer balance as of 7/5/2018?

The customer balance as of 7/5/2018 is $1000 since the invoices are posted prior to 7/5/2018 and receipts are posted after 7/5/2018.

ii) What is the customer balance as of 7/16/2018?

The customer balance as of 7/16/2018 is $0 since the customer paid off their invoices prior to 7/16/2018.

Scenario II: John Able is an enrolled student at the school. His parents are divorced and will each pay half of John's tuition. John goes to a fancy school so his total tuition amount is $40,000. An invoice of $20,000 is billed to his father and another invoice is billed to his mother. His father has paid $15,000 of the invoice as of today and his mother has paid $10,000 of the invoice as of today.

i) What is the father's balance as of today?

The father's balance as of today is $5,000 since he has paid $15,000 of the invoice.

ii) What is the mother's balance as of today?

The mother's balance as of today is $10,000 since she has paid $10,000 of the invoice.

iii) What is John's (student) balance as of today?

John's student balance as of today is $15,000 since both of his parents have paid $25,000 out of his total invoice of $40,000.

Scenario III: Beckham Family has decided to pay tuition for the student Rick Nile, who is connected to the Nile Family. Since Rick does not go to as fancy of a school as John, his family is billed $10,000 for tuition. The invoice is posted and is issued on 7/1/2018. Beckham Family pays the invoice on 7/15/2018 but their receipt is not posted until 7/20/2018. The payment is then bounced on 7/25/2018 so the school has to void the receipt on that day.

i) What is the Nile Family's posted customer balance as of 7/5/2018?

Nile Family's posted customer balance as of 7/5/2018 is $10,000 since the invoice is not paid at that time.

ii) What is Beckham Family's customer balance as of 7/17/2018 if unposted transactions are included?

Beckham Family's customer balance as of 7/17/2018 is $0 since their receipt has paid off another customer's invoice.

iii) What is Rick's student balance as of as of 7/17/2018 if unposted transactions are included?

Rick's student balance as of 7/17/2018 is $0 since his invoice has been paid off by Beckham Family's receipt.

iii) What is Nile Family's posted customer balance as of 7/20/2018?

Nile Family's posted customer balance as of 7/20/2018 is $0 since their invoice has been paid off by Beckham Family's receipt.

iiii) What is Nile Family's posted customer balance as of 7/29/18?

Nile Family's posted customer balance as of 7/29/18 is $10,000 since Beckham Family's payment bounced on 7/25/2018.

Schedule Demo

Please, make sure that all required fields (marked with *) are completed.

School Name *

Relation to School *

select

Last Name *

Your First Name *

Your Email *

Your Phone # *