Defaults

in the institution config / accounts menu, you'll find multiple tabs, starting with defaults the account defaults section lets you set up key financial settings, including how invoices, payments, and adjustments are generated, along with options for managing late fees and statements customizing account id templates in this section, you can customize the format of invoice, charge, payment, and adjustment ids by setting a pre id template and a post id template the post template supports dynamic date formatting using yy / yyyy – short or long year format mm / mmm / mmmm – short, abbreviated, or full month format dd – day format as you make changes, a sample id is displayed at the top of each section, showing what the id will look like based on your settings due dates and late fees this section allows you to set default due dates for invoices and charges, as well as configure late fees if applicable late fees help enforce payment deadlines by applying interest to overdue balances based on your chosen settings default due days – sets the number of days after an invoice or charge is created before it becomes due for example, if set to 30 , all new invoices will have a due date 30 days from the issue date unless manually adjusted there is also an apply late fees checkbox if enabled, additional options appear apply to – choose whether late fees apply to the overdue balance or the entire account balance charge period – define how often late fees are charged (daily, weekly, or monthly) annual interest % – set the annual interest rate applied to late fees this setup ensures consistency in due dates while allowing flexibility in managing overdue payments automated overdue reminders you can set up automated reminder emails that are sent to students to notify them of payments that are overdue or coming due once you select the overdue reminder type ( invoices, charges or payment plan items ), additional fields appear to configure reminder periods – choose when the reminders will be sent, such as 3 days before , due date , or 1 week after reminder cc users – add any users who should be copied on the reminder email reminder text – add any additional information you want to include in the body of the reminder email the reminder email sent to students includes details about the invoice or charge, such as the student name, invoice id, due date, total, balance owing, and a direct link to make a payment a pdf copy of the invoice is also attached when applicable a daily job runs automatically to generate and send these reminders overnight financial defaults the financial defaults section defines how transactions are categorized within the system, ensuring accurate tracking of accounts receivable, interest income, and commission related payments each financial category has an assigned account code and account name while the account codes are fixed, the account names can be edited if needed if any changes to account codes are required, please contact mailto\ support\@ampeducator com a/r account – tracks outstanding balances owed to the institution under accounts receivable interest income – records revenue earned from interest charges commissions payable – represents commission payments owed to third parties commissions expense – tracks commissions paid as part of institutional expenses these settings ensure that all financial transactions are properly categorized for accurate reporting statement generation & delivery you can configure how and when student account statements are generated and sent if generate statement is enabled, additional options appear to define the frequency, timing, and delivery method of statements statement period – choose whether statements are generated weekly or monthly day of month – set the specific day statements are generated each period statement criteria – select which accounts receive statements based on their status (with balance, with current due, or overdue at 30, 60, or 90 days) email statement – enable this option to automatically send statements to students via email these settings help automate and streamline the distribution of financial statements, ensuring students receive timely updates on their account status reports & fine print this section allows you to customize the fine print for various reports, including receipts, refunds, invoices, and statements each report type has an option to add internal formatting and fine print details that will appear on the generated document you can also choose the report address , which can either be the institution address or the student’s location these settings provide flexibility in tailoring financial documents to your institution’s specific needs