FACTS Advanced Accounting allows FACTS to become the subsidiary ledger of the accounts receivable account within your general ledger. FACTS will maintain and track the student-level details and update your accounts receivable general ledger account in summary.
- Receive easy posting of all FACTS activity at your school from payment plans, incidental billing, prepay accounts, and payment forms
- Eliminate duplicate bookkeeping
- Achieve streamlined reconciliation
- Easily access all-inclusive reports
There is no need to enter transactions across multiple systems since all accounting detail is housed in FACTS. Your charges, credits, and payments are recorded at the family and student levels, and all transactions roll up to a journal entry report that can be posted weekly or monthly into your school’s accounting software. Advanced Accounting works with all accounting software and integration is available with QuickBooks.
Elevate Your Accounting
FACTS Advanced Accounting provides schools with detailed reports to support the balances in their general ledger. This has become well received by the schools’ auditors.
When using Advanced Accounting, the full years’ receivable is recorded when the tuition payment plan agreement is finalized. This provides an estimate of the cash to be collected throughout the upcoming school year. The offsetting revenue for the charges and the contra-revenue or the expense for the credits can either be recognized all up front or recorded in a deferred liability account that will allow the school to recognize those revenues over the school or fiscal year. Schools that utilize FACTS Incidental Billing, Prepay Accounts, and Payment Forms will also see this activity included as part of the FACTS journal entry.
- Capture gross tuition before applying discounts
- Ensure all student tuition is correctly assessed
- Record tuition reductions and discounts
- Account for all tuition and fee activity in one system
- Maintain all your families’ account details in FACTS, including pay-in-full families
The cornerstone of our partnership with your institution is our unwavering commitment to customer service and support. Let us help you minimize the time you need to spend on the accounting for FACTS transactions, while providing you with more accurate accounting and reporting.