FACTS Advanced Accounting
When you employ FACTS Tuition Management, you can add Advanced Accounting.
Advanced Accounting allows FACTS to become your accounts receivable subsidiary ledger. It also helps you become more efficient in your day-to-day accounting processes through the elimination of duplicate data entry. By adding Advanced Accounting, you’ll meet your goal of having a single system that captures and tracks all tuition and fees.
Benefits for Administrators
- All details are housed in FACTS, so there’s no need to enter transactions across multiple systems. Charges, credits, and payments (including payments collected at the school) are recorded in FACTS at the student level and a journal entry is created for all transactions.
- Advanced Accounting links the general ledger codes to your bank accounts, institution accounts (charges), and adjustment reasons (credits) and houses accounts for all tuition and fee activity within one system. This produces accurate reporting and simplified audit preparation.
- This captures all family data in one system — including families that pay in full at the beginning of the year.
- Enjoy maximum flexibility to meet your unique accounting needs. The GL Journal Entry Report summarizes all transactions from FACTS into one journal entry. This means you can manually enter or upload a journal entry into your accounting system to save time and receive accurate financial reports for audit support.
- We are compatible with all accounting systems. Integration is available for both QuickBooks Desktop and QuickBooks Online users.