Enrolment Finance - Terminology

General Terms

Definition

Account

The person or company that has a financial relationship with the Enrolment - typically paying the fees, but also possibly receiving commission.
There are three types of Accounts to consider here: Student, Agency or Company.

Enrolment

The visit to the School by the Student (containing Bookings) - there may be more than one if a Student visits your school more than once.

Booking

The individual services that are required by the Student e.g. Course Booking, Accommodation Booking.

Placement

The delivery of the booking e.g. Class Placement, Accommodation Placement.

Service

Contains the details of the type of product, such as the Service Name, Service Dates, Service Restrictions.

PriceItem

Contains the financial settings of the Service, such as the prices, any pricing rules, tax status, nominal coding.

Finance Terms

Definition

Account Balance

The amount owed in total by the Account considering all invoices, credits, receipts across all Enrolments.

Enrolment Balance

The amount owed by the Account on the particular Enrolment only -
Note: there could be an Enrolment Student Balance, Enrolment Agent Balance & Enrolment Company Balance.

Unposted finance

Any finance that has not yet been invoiced. For more info, click here.

Posted finance

Any finance that has been invoiced. For more info, click here.

Discount

Any deduction to the gross fees offered to the Student and visible to the Student.

Agent Discount

Any deduction to the gross fees offered to the Agent when paying net (sometimes considered as agent commission) - this is not visible to the Student.

Commission

Any commission amount owed to the Agent when Student pays the gross fees.

Invoice

A legal transaction to request payment from an Account.

Credit

A legal transaction to show a deduction on an Account for reasons such as curtailment or cancellation, often “reversing” or reducing an invoice transaction.

Receipt

Amount received by the School from an Account. Think “Receipt = Received In”.

Payment

Amount paid out by the School to an Account, such as commission or accommodation provider fees. Think “Payment = Pay Out”.

Debtor Account

Any amount owed by the Account to the School (such as the enrolment fees) is put on the debtor account.

Creditor Account

Any amount the school owes to the Account (such as commission) is put on the creditor account.

Invoice document

Document showing the posted (invoiced) transactions addressed to the Account including “How to pay” details.
Note: the finance details on the document should never be edited. Adjust the enrolment and generate a new document.

Proforma document

Document showing the unposted (uninvoiced) transactions on the Enrolment - often used as an illustration of potential costs for the Account.
Note: the finance details on the document should never be edited. Adjust the enrolment and generate a new document.

Commission Credit Note

Document showing the amount of Commission owed to the Agent; with the Agent typically then invoicing the School for the amount.
Note: the finance details on the document should never be edited. Adjust the enrolment and generate a new document.

Invoice Methods (see here)

Definition

Student Direct

Student is paying gross fees; no Agent involved.

Agent Net

Agent is paying net fees, after any agent discounts (commission) deducted.

Agent Gross

Agent is paying gross fees, before any agent discounts (commission) deducted.

Student Gross

Student is paying gross fees, before any agent discounts (commission) deducted.

Company Gross

Company is paying gross fees, before any agent discounts (commission) deducted.

Company Direct

Company is paying gross fees; no Agent involved.