Receivables & Collections

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Topic

    Kallol Sinha
    University Unidentified EarningAnswered
    Topic posted May 15, 2019 by Kallol SinhaRed Ribbon: 250+ Points, tagged Collections, Financials, Period Close / Reconciliation, Receivables 
    77 Views, 4 Comments
    Title:
    University Unidentified Earning
    Content:

    Hi All,

    I have got an use case, where an Australian university receives lots of funds from external students. They have no idea who is paying the money at that point. Only later after visa grant, they starts allocating those funds to student accounts. They don't want to register all students as customer in system. Do we have any way to handle this case, without entering all students as customers in system?

    Thanks,

    Kallol

    Best Comment

    Praveen T

    Hi Kallol,

    I have understood your case. Then you can try this method if this fits your needs.

    You can creates GL journals to record the receipt of funds. You can also capture the below details in journal line DFF by having context.

    DFF Context: Transaction Type ( Money Receipt/Refund), Candidate Name, Ref Number, App Number etc.

    You can capture the above information for any new receipt as well as refund.

    Then you can develop a custom report to know the details of receipt/Refund along with candidate details and other reference.

    Else you need to go for tracking the details in spreadsheets outside the system which might not be more efficient way of recording transactions.

     

    Regards

    Praveen

     

     

     

     

      

    Comment

     

    • Praveen T

      Hi Kallol,

       

      I understand that you do not want to create all students as customers in the system until the grant of Visa.

       

      In such a case, you can park all the funds received by creating one generic customer ' Sutdents Awaiting Visa' and track it against this customer.

       

      Please review and let me know your thoughts.

       

      Regards

      Praveen

       

      Regards

      Praveen

      • Kallol Sinha

        Thanks Praveen.

        We are not planning to create them as customer at all. Neither before nor after getting visa. The problem is we get around 5k-6k new students every years. Setting them as customer at any point will make the actual customer master unclean. So we are looking for a way to handle them without creating customers. We can't simply journal those as we need to track them somehow. In some cases they may leave study in between or may not get visa at all. We should be able to refund them.

        Thanks,

        Kallol

    • Praveen T

      Hi Kallol,

      I have understood your case. Then you can try this method if this fits your needs.

      You can creates GL journals to record the receipt of funds. You can also capture the below details in journal line DFF by having context.

      DFF Context: Transaction Type ( Money Receipt/Refund), Candidate Name, Ref Number, App Number etc.

      You can capture the above information for any new receipt as well as refund.

      Then you can develop a custom report to know the details of receipt/Refund along with candidate details and other reference.

      Else you need to go for tracking the details in spreadsheets outside the system which might not be more efficient way of recording transactions.

       

      Regards

      Praveen