Skip to main content
Version: Next

Finance concepts (invoices, payments, balances)

Definition​

This section explains the main finance objects you will see.

  • Invoice: what the school charges.
  • Payment: money received against an invoice.
  • Balance: what is still outstanding after payments.
  • Receipt: confirmation of a recorded payment.

Additional concepts you will see in Finance:

  • Fees: the fee structure used to generate invoices
  • Billing Runs: bulk invoice generation
  • Scholarships: discounts or awards applied to student fees
  • Ledger Exports: downloadable finance exports for reconciliation

Why it matters​

Clear understanding reduces disputes and makes reporting consistent.

Where you manage finance​

  • Finance → Fees (fee setup)
  • Finance → Billing Runs (bulk invoice generation)
  • Finance → Invoices (tracking charges)
  • Finance → Payments and Receipts (recording payments and issuing proof)
  • Finance → Scholarships (programs and awards)
  • Finance → Ledger Exports (downloadable reports)

Common misunderstandings​

  • An invoice is not the same as a payment.
  • A receipt is proof of payment recording, not automatically proof of banking settlement.
  • Fees must be configured before invoices can be generated.