Finance - Terminology
- Richard Turnbull
- Brett Talbot
- Philip Cook
Below is a list of key terms and their definitions.
For further definitions of various terms and fields, please see the Finance Reporting section here.
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. |
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 - |
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) |
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 to an invoice for reasons such as curtailment or cancellation. |
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. |
Proforma document | Document showing the unposted (uninvoiced) transactions on the Enrolment - often used as an illustration of potential costs for the Account. |
Commission Credit Note | Document showing the amount of Commission owed to the Agent; with the Agent typically then invoicing the School for the amount. |
Finance Reference | The grouping of Finance Journals in a transaction, for example an Invoice is a Finance Reference record containing child Finance Journal records. |
Finance Journal | The lowest level object, a Finance Journal is created for each Booking (and related commission or discount). |
Sales | See this article |
Income | See this article |
Finance Ledger | All transactions are posted to a ledger to ensure a zero balance is maintained |
Finance Statistics | This object is used to “spread” the income across periods, to give weekly, monthly, quarterly or yearly income figures, useful in reporting for Deferred Income |
Invoice Methods (see here) | Definition |
Student Direct | Student is invoiced gross fees; no Agent involved. |
Agent Net | Agent is invoiced net fees, after any agent discounts (commission) deducted. |
Agent Gross | Agent is invoiced gross fees, before any agent discounts (commission) deducted. |
Student Gross | Student is invoiced gross fees, before any agent discounts (commission) deducted. |
Company Gross | Company is invoiced gross fees, before any agent discounts (commission) deducted. |
Company Direct | Company is invoiced gross fees; no Agent involved. |
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