Previously we covered how to create payment plan templates and apply them to profiles to create full-blown student payment plans, but if you really want to bring a student payment plan to life then you need to record transactions, for this will bring to your attention which payments have been made and when, if they're overdue, et al. Recording transactions will aid with managing payments and draw this cycle to a close!

Please note that presently FULL FABRIC doesn't support integration with payment processors such as Stripe and Paypal to automatically record transactions in the portal and tie them to their corresponding payment plans. Therefore, transactions have to be added manually. With this in mind we designed a very simple workflow to make this feature a piece of cake! 🍰

How to add a transaction

     a) Enter a student payment plan and the payment for which you have a transaction to deduct
     b) Refer to the tab Transactions
     c) Click Add transaction
     d) Fill in the fields:

DESCRIPTION — Succinctly describe or name the transaction.
DATE — Select the date when the transaction occurred.
AMOUNT — Write in how much the transaction was worth.
CURRENCY — Choose a currency from the list (main currencies available).
REFERENCE — Write in a reference of your school's choosing to identify that particular transaction (not required).

     e) Lastly, click the button Add transaction and you're done! Told you it was easy! 😎👍

As shown by the coloured writing in the next two pictures, transactions or the lack thereof interact very visibly with the data in the tabs Payment plans and Payments to quickly catch you up. Let's take a closer look to understand what this means.

In Payments plans, four columns in particular are of utmost importance where your school's interests are concerned:

STATE — Can be: Paid (when a payment plan has been fully paid), 1 payment overdue (or more – when at least one of the payments is still pending after expiration of the deadline), or Not due (when previous payments have been done and the next one's deadline is yet to end).
OUTSTANDING AMOUNT — How much money your school is presently owed (TOTAL AMOUNT minus PAID AMOUNT).
PAID AMOUNT — How much money has been paid so far.
TOTAL AMOUNT — How much money was originally owed (OUTSTANDING AMOUNT plus PAID AMOUNT).

Barring TOTAL AMOUNT, all of the aforementioned columns will automatically update according to the timings that were set and the transactions recorded by staff.

Moving on to Payments, the key columns are very similar, except for the introduction of the column DUE DATE and for the increased flexibility of the column OUTSTANDING AMOUNT.

DUE DATE — Deadline for that deposit or instalment.
OUTSTANDING AMOUNT — How much money is left to complete a certain payment. It bears noting that payments can be split into several transactions (e.g., supposing a student split the payment into several transactions, they could have paid 400€ out of 500€ and be 100€ in debt).


PUBLISHED: August 21, 2018
LAST UPDATED: August 21, 2018 at 2:17 p.m.

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