Finance Management

Every organization benefits from efficient and well-managed finances and your center or school is no exception.

To ensure that you are operating at the optimal financial state, iCare offers features specific to your business

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Billing and Payments

Payment Processing

iCare provides a very flexible billing setup. It includes:

  • Many period options: Weekly, monthly, hourly, daily, bi-weekly and semi-monthly
  • Source options: Schedule-based, attendance-based or a combination of schedule and attendance
  • Rate options: Flat rates or rates based on a rate chart
  • Setup options: Program-based and child-specific
  • One-time or recurring

Tuition Billing

iCare provides a very flexible billing setup. It includes:

  • Many period options: Weekly, monthly, hourly, daily, bi-weekly and semi-monthly
  • Source options: Schedule-based, attendance-based or a combination of schedule and attendance
  • Rate options: Flat rates or rates based on a rate chart
  • Setup options: Program-based and child-specific
  • One-time or recurring
  • Skip bill for a holiday week or all 5th weeks when they happen in a month (in case your real rate is monthly and you divided it in 4-equal weekly payments)

Billing Grid

Through one single report, the Billing Grid, you can quickly and easily manage the tuition bills for the entire school whether the bills are one-time or recurring.

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Ledgers and Invoicing

iCare uses a banking-type of ledger system for receivables accounting instead of the invoicing method. All transactions – charges, credits, payments and refunds – are posted sequentially in the Receivables Ledger. This reduces the burden of matching payments with charges. The Ledger keeps a Running Balance, which makes it easy to review and reconcile accounts.

Ledgers

iCare accounting is ledger based, simple like your bank statement. Debits and credits are handled on a first-in and first-out basis. The Receivables Ledger is backed by a General Ledger and Chart of Accounts, making it easy to interface with a third-party financial system you may be using.

Built-in Accounting Actions

  • Account reconciliation through edit and void processes
  • Audit trail (who did what when) on all transactions even the edited and voided ones
  • Edit/void history – no transactions are lost even if voided
  • Verification process for credit card and ACH transactions through processor’s portal
  • Refunding credit card and ACH payments
  • Email invoice, payment receipt, and statement
  • Transfer transactions to fix mistakes in account setups

Deferred (Escrow/Set Aside) Ledger

If you require parents to pay a deposit for say the last month’s tuition, you can do that via the Deposit Ledger. The deposit payment will be posted in the Deposit Ledger. At the end of the child’s term you’ll simply do an Apply Payment transaction.

Deferred (Escrow/Set Aside) Ledger

If a child’s bills are split between two parents, then both parents have separate ledgers.

This allows clearly understandable and reconcilable accounting. In this case, a parent sees only her or his ledger.

Parents can choose to share their ledger with the other parent though. In which case, a parent will see two ledgers – theirs and the shared one.

Miscellaneous Charges and Credits

You will most likely set all tuition charges to be posted automatically. However, here are some examples of charges and credits you may need to post individually or in a batch

  • Field trip (this can also be automated through Lobby Questions features)
  • Charge for school half-days and closing days for after school programs
  • Holiday week credit
  • School supplies
  • Returned checks

Subsidy Accounting

A child’s bill can be split in any number of ways – between multiple private or subsidy accounts. iCare provides easy methods for splitting the bill and managing the accounts.

Subsidy Types

  • State assistance subsidies
  • Federal/DSS subsidies
  • Military family assistance
  • Tax subsidies
  • Your grants or scholarships
  • Parents’ employer sponsorships

Subsidy Accounting/Ledger

The subsidy account and ledger are like the private account and ledger, but with some differences and it includes methods for checks and reconciliation:

  • The Running Balance for subsidy ledgers is calculated separately for each child. For private ledgers that is not the case.
  • Splits for a private copay and subsidy account are easily set up and the Billing Grid Report makes it easy to measure your revenue sources.
  • Subsidies frequently do not pay the amount you bill. In which case must transfer the unpaid amount to the private account. iCare makes it easy to reconcile such issues.
  • You can also view a family’s private and subsidy ledgers separately or combined giving you yet another features for easier reconciliation of children bills.

Balances

Outstanding account balances of all accounts.

Aging Report

Report showing aging of balance of all accounts by weeks or months.

Total Charges/Credits Report

Summarized charges, credits, payments and refunds.

Fee/Billing Projection

Summary of bills to be posted in any future period.

Transactions

A detailed ledger for all accounts.

Billing Grid

List of all bills scheduled to run in the future.

Direct Deposits

List of all Recurring payments.

Declined/Settled Payments

List of credit cards and ACH payments.

Payment Listing

All payments and deposit tickets.

Yearly Tax Statement

Yearly Tax Statement for parents.

Account Statement

Formatted account statement for printing or emailing.

Deferred Deposits Balances

Deferred deposits (escrow account) balances.

Billing Summary

Billing totals grouped by date and revenue account.

Deferred Deposits Ledger

Deferred deposits (escrow) ledger.

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Tax Reporting

Tax Reporting - Business

iCare has a very strong Accounts Receivable system, which is important because AR it tied closely to operations – registration, enrollment in programs and classes, attendance, scheduling, and events. On the other hand, iCare doesn’t have an Accounts Payable system. However, underlying the Receivables Ledger of the AR system we have provided you a General Ledger and a Chart of Accounts.

General Ledger: All RL transactions are posted in the GL using the double entry system. This makes it possible to export revenue numbers for journal entry in a financial accounting package.

Chart of Accounts: The default accounts in the COA are:

  • Activity
  • Bank Interest
  • Discount
  • Field Trips
  • Miscellaneous
  • Registration
  • Sundry Items
  • Transportation
  • Tuition

Tax Reporting - Parents

iCare accounting reports include the Yearly Tax Statement for the parents. Parents can view and print it themselves or an admin can email to them or print it for them.

The Tax Statement is prepared on cash-basis. It is the total of all the payments minus refunds posted in the calendar year. It is not an accrual report, i.e., it is not based on posted charges and credits.

The Statement included the center’s Tax ID and is ready for use for a parent’s tax return.

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