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Balance Calculation Scenarios
Balance Calculation Scenarios
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.
See also
Balance Calculation
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