Accounts Receivable (AR)

Explore functionality surrounding the Accounts Receivable (AR) portion of the Business module.

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Accounts Recievable (AR) Overview
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.
Portal Invoices 2.0 Overview
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 Accounts Receivable Invoice Cycle
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.
Adding Student Charges to AR Invoices in Batch
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 results to confirm completeness and correctness of the information present...
Applying Charge Items to Invoices
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.
AR Invoice Items
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.”
AR Invoice Processing
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).
Cancelling AR Invoice Items
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, it is not eligible for the cancellation operation. On the Accounts Rec...
Cancelling AR Invoices
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 is not eligible for the cancellation operation. On the Accounts Recei...
Charge Item Processing
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.
Creating AR Invoices in Batch
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 exist for the School Year, Invoice Type and Households/Students represen...
Creating Catalog Categories
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 field. Click “Add Catalog Category” to save the new category...
Creating Catalog Items
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 entered for a catalog item, click “Add Catalog Item”. ...
Creating Charge Items in Batch
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 make charge item processing less cumbersome, the Veracross system offers ...
Creating Charges from an Event
Overview Create Person Charge Items for Students who have an Attendance Status of ‘Attended’ or ‘Confirmed’ within an Event. Step-by-Step Prerequisites: before charges can created from a Event, the event needs to be create...
Creating Finance Charges
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 . Choose an AR Item Date : the date that will be assigned to the AR Invoic...
Creating Student Charges in Batch
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 Option Code 1: Create Charge Items Specify an Item Date.  This rep...
Maintaining Student and Household Data
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.
Marking Charge Items as "Ready for Invoice"
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.
Marking Charges "Ready to Invoice" in Batch
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 link under the Charge/AR Processing section. Select Option Code 4, Mark...
Posting AR Invoices
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 the Processing Section. Enter a Posting Date.  This is the date th...
Posting AR Invoices and Items
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.
Catalog Item Listing
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).
Removing Offsetting AR Items
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”.
Running AR Aging Reports
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, select the Option Refresh Aging Unpaid Amounts. Run any of the fol...
Setting Up the "My Invoices" Link
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 to. Under the Screens  tab, choose Component Screens  and...
Splitting Charge Items into Installments (Manually & Batch)
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.
Splitting Student Charges in Batch
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 Existing Charges link under the Charge/AR Processing section on the Student ...
Writing Off an AR Item
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 have any questions regarding this system parameter setting, please cont...
How to process a Withdraw with Student Billing
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 workflows depending on where the business office is within processing.&...
Transfer balances to next School Year Invoice
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; calculates a total balance due of each invoice and presents that grand tota...
Composer for Student Based Invoicing
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 show you how to build queries for Composer, how to launch Composer, an...
Composer for Household Based Invoicing
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 will show you how to build queries for Composer, how to launch Composer, ...
Non-Resident Payer Billing
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.