Accounts Receivable (AR)

The purpose of this article is to provide both background and detailed processing instructions associated with the Accounts Receivable and Billing module incorporated in the Veracross Accounting System.

Invoices can be viewed and paid directly in the Parent Portal. Configure it as needed to simply display invoices, display and allow for online payment, or display and allow for online payment with auto-pay.

The Invoice Cycle simply defines the sequence of steps required to fully process an invoice so that fees are appropriately and accurately assigned to students; hard-copy invoices are printed or emailed and presented to the entity responsible for paying; journal entries are recorded in the General Ledger, and the invoices become eligible for payment.

Here is the new version of this article in the Veracross Community. Step 5 in the AR Invoice Cycle On the Accounts Receivable or Student Billing homepage, click on the Charges Ready to Invoice Report under the Reports section. Review the res...

When student charge items have been generated, modified as necessary, and designated as “ready for invoicing,” they are then eligible to be assigned to invoices. The invoices must already exist before assigning items to them.

Charge items are utilized as the building-blocks for account receivable invoices (read more about charge item processing). They are typically created to record charges initially applied to students. These items can be split into installments if necessary, and when ultimately ready to be invoiced, they are marked as “ready for invoicing.”

Veracross utilizes Accounts Receivable (AR) invoices as the means by which financial obligations to the school are tracked and communicated to the responsible paying entities (person, household, or organization).

Here is the new version of this article in the Veracross Community. Step-by-Step Prerequisites: if an AR Invoice Item has not had any payment applied to it, the invoice item can be canceled. If payments have previously been applied to an item, i...

Here is the new version of this article in the Veracross Community. Step-by-Step Prerequisites: if no payments have been applied to a posted invoice, the invoice can be canceled.  If payments have previously been applied to an invoice, it ...

The Veracross system utilizes charge items to record and track all “purchases” of goods and services by students. Each charge item records the transaction date, type (from the price catalog), quantity, unit price, and the student being charged.

Here is the new version of this article in the Veracross Community. Step 2 of the AR Invoice Cycle Once Student Charges have been created, AR Invoices can be generated. Note: It’s not necessary to repeat this step if AR Invoices already e...

Here is the new version of this article in the Veracross Community. Step-by-Step Navigate to the System homepage and click on Add a Catalog Category. Enter the desired name in the Description field. Enter an integer value in the Sort Key fi...

Here is the new version of this article in the Veracross Community. Step-by-Step Navigate to the System homepage and click on Add a Catalog Item. Enter in the Description, Sort Key, GL Account, AR Invoice Type, etc. When all data has been e...

Here is the new version of this article in the Veracross Community. With potentially hundreds of students attending a school and several charge items often assigned to each student, creating charge items manually can be time consuming. To help ma...

Here is the new version of this article in the Veracross Community. Overview Create Person Charge Items for Students who have an Attendance Status of ‘Attended’ or ‘Confirmed’ within an Event. Step-by-Step Prerequisites...

Here is the new version of this article in the Veracross Community. Step-by-Step On the Accounts Receivable homepage, click on the “Create Finance Charges” link under the Charge / AR Processing section. Choose Option Code: 8 . Ch...

Here is the new version of this article in the Veracross Community. Step 1 of the AR Invoice Cycle On the Accounts Receivable or Student Billing homepage, click on the Create Charge Items link under the Charge/AR Processing section. Select O...

The Veracross accounting system is fully integrated with the Veracross school administration system. As a result, by the time billing and cash receipt activities are required for any student, a vast majority of the data related to the student and their household will already exist in the system.

When student charge items are determined to be accurate, they must be flagged to indicate their readiness for invoicing. Read more about charge item processing.

Here is the new version of this article in the Veracross Community. Step 4 of the AR Invoice Cycle On the Accounts Receivable or Student Billing homepage, click on the Unposted Student Charge Report. Click on the Process Existing Charges l...

Here is the new version of this article in the Veracross Community. Step 6 of the AR Invoice Cycle On the Accounts Receivable homepage, click on the Unposted Invoice Items Report under the Reports section. Click on Post AR Invoices under t...

In the Veracross billing and accounting system, invoices must be posted before payments can be applied to them. During the posting process, journal entries are created that debit the accounts receivable account and credit either the unearned income or revenue accounts.

The price catalog is the complete price list of goods and services offered by a school to its students. These can consist of tuition-related items (e.g. tuition fee, matriculation fee, financial aid), school-related supplies and fees (e.g. book fees, lab fees, uniform costs), and extra-curricular fees (e.g. choral fees, team fees, field-trip and activity fees).

Occasionally, an AR invoice may end-up with one or more unpaid items, as well as one or more credit items; and the net of these items may sum to $0.00. If no additional items will ever be added to the invoice, and no additional payments will ever be received; then all of these items will remain “unpaid”.

Here is the new version of this article in the Veracross Community. Step-by-Step On the Accounts Receivable homepage, set the AR Aging Reference Date – the date used in determining the age of unpaid AR Invoice Items. In the Action Menu...

Here is the new version of this article in the Veracross Community. Step-by-Step In axiom.veracross.com/xxx, navigate to the Portals Admin  homepage. In the Find Portals  section, choose the portal you would like to add the button ...

Veracross enables splitting payments into multiple installments of equal amounts. Each installment item is assigned its own invoice date and due date so that invoices and statements will reflect when payment is actually required for the items.

Here is the new version of this article in the Veracross Community. Step 3 of the AR Invoice Cycle On the Student Billing homepage, run the Charges Awaiting Split report and review the results. If all looks good, click on the Process Existi...

Here is the new version of this article in the Veracross Community. Step-by-Step Before beginning the steps below,  confirm that a GL Account Number has been assigned to “Bad Debt Account” on the GL Defaults List.  If you ...

Here is the new version of this article in the Veracross Community. How to Process a withdrawing student in the Student Billing Module To process a student that is withdrawing for this School Year or for the next School Year, there are specific ...

Here is the new version of this article in the Veracross Community. Overview Tuition and other costs paid by parents can be split into installments, e.g., a $20,000 tuition bill for the year might be split into 10 payments of $2,000, or whatever...

Here is the new version of this article in the Veracross Community. Overview The process to move amounts from one invoice to another is a manual one.  This is because Veracross has the ability to show all invoices on the parent portal; calc...

Here is the new version of this article in the Veracross Community. Overview If your school is billing on the student level, there are different options for you to send emails through Veracross's Composer Module.  Below,  we will...

Here is the new version of this article in the Veracross Community. Overview If your school is billing on the household level, there are different options for you to send emails through Veracross's Composer Module.  Below,  we wi...

In the case where a Non-Resident Payer is responsible for some or all of the student's charges there is a certain way to set up the charge items and invoices to allow for a successful invoicing.

Reference_Number  is a unique identifier for the import batch to group the Purchase Requisition lines together so it can be validated together.  The Reference_Number should be consistent  for the all of the records in the import so...

In a case where the Deposit is non-refundable and the Student is leaving your school, to properly recognize this, you can follow: Create a "Forfeited Deposit" Catalog Item and set the GL Account to the a Forfeited Deposit Revenue A...

Yes, a payment applied to one AR Invoice Item can be moved to another unpaid AR Invoice Item by using  AR Correction adjustment  from the General Ledger tab of the Cash Receipt Item record.  The CR item can only be mov...

If there is an instance that the Business Office is not yet ready to show the Invoice to the payer on the Parent Portal/Future Parent Portal/Billing Portal, you have the ability to hide the invoice.  To process this individually: Naviga...

Here is the new version of this article in the Veracross Community. Overview In the Student Billing Module, there are many steps that affect the General Ledger by creating Journal Entries.  Please see below to review the steps that create t...

Here is the new version of this article in the Veracross Community. If your school is interested in more information about the school-configurable "AR Invoice Document" document, please contact your account manager. Overview The sch...