Adjustments
The Adjustments section displays a list of all financial adjustments related to a Student’s account, including credits, debits, and refunds. Each entry provides key details such as the type of adjustment, associated accounts, and amounts. This section helps track and manage changes to a Student’s financial records at a glance.
Credit A/R Account adjustments can be applied to invoices or charges to reduce the amount owed. They are commonly used to waive fees, apply discounts, scholarships, or bursaries. When issuing a refund, a credit must be applied first to ensure it is properly allocated to the correct invoices before processing the refund. This maintains a clear audit trail and ensures accurate reconciliation.
Refund A/R Account adjustments allow you to adjust a payment when a refund is required. When a refund adjustment is applied to a payment, any invoices or charges that the payment was originally applied to will also be affected, ensuring accurate financial tracking.
While Debit A/R Account is not commonly used or required, it remains an available option for manually debiting a student account, functioning similarly to applying a charge.
To create a new adjustment, click the New Adjustment button.
This will open the New Account Adjustment modal, where you can enter the adjustment details.
- Date: The date of the adjustment.
- Description: A brief explanation of the adjustment.
- Amount: The adjustment amount.
- A/R Action: Choose the type of adjustment:
- Credit A/R: Applies a credit to reduce the amount owed. Commonly used to waive fees, apply discounts, scholarships, or bursaries. If issuing a refund, a credit must be applied first to ensure proper allocation before processing the refund.
- Refund A/R: Adjusts a payment when a refund is required. If the original payment was applied to invoices or charges, they will also be adjusted to maintain accurate financial tracking.
- Debit A/R: Adds a charge to a Student’s account, functioning similarly to applying a new charge. This option is rarely used but remains available if needed.
- Account Field: This field changes based on the selected A/R Action:
- Credit A/R: Displays Credit Account to specify where the credit is applied.
- Debit A/R: Displays Debit Account to indicate which account is being charged.
- Refund A/R: Displays Payment Account to identify the source of the refunded payment.
- Note: Any additional details about the adjustment.
For Credit A/R and Refund A/R, an additional Apply To field will appear, allowing you to choose whether to apply the adjustment to specific invoices, charges, or leave it unassigned.
For a quick view of more details, click the (+) expansion button next to an adjustment. This will expand the entry to show what the adjustment was applied to.
Clicking the View Adjustment (magnifying glass) icon next to the adjustment provides a detailed breakdown. This includes the Student, type, date, amount, and associated debit and credit accounts. You can also see where the adjustment was applied, along with related journal entries for tracking.
Next to each adjustment in the Adjustments List, there are three quick action icons that serve as shortcuts for managing adjustments:
- View Adjustment – Opens a detailed breakdown of the adjustment.
- Edit Adjustment – Allows you to modify the adjustment details.
- Delete Adjustment – Removes the adjustment from the system.
These shortcuts provide quick access to essential actions, making it easy to review and manage adjustments efficiently.