Childcare Accounting | iCare integrates billing operations

Accounting & Financials

Let iCare Software help you manage the day-to-day operations of your child care center. In addition to our functionalities, we provide mobile apps so you can get real-time information about your business on the go.

Financial Management

iCare eliminates the need to juggle between different child care software services, seamlessly integrating billing, accounting, operations, scheduling, attendance and enrollment – everything a childcare center has to deal with.

We make it easy to set up all your childcare and school-age programs. Let parents or administrators enroll the children.You’ll be able to control enrollment, class capacity, scheduling, staffing, and tuition fee billing with very little effort.

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

To ensure that you are operating in the best financial state, iCare’s accounting software for daycare businesses offers features specific to your needs.

Accounting & Payments

Shared or independent ledgers for split families
Chart of accounts revenue accounts setup and posting for exporting revenue data to any third-party accounting systems like Quickbooks
Both debit-credit, banking type ledger and invoice-clearing payment process available
Bill Preview function for reviewing bills before they post automatically or post them manually
Complete audit trail and change history available

Ledgers and Invoicing

iCare uses the ledger system for receivables accounting instead of the invoicing method. All transaction charges, credits, payments and refunds are posted sequentially in the Receivables Ledger. This means you don’t process payments with charges. The Ledger keeps a Running Balance, which makes it easy to review and reconcile accounts.

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 connect with third-party financial systems.

Ledgers

Built-in Accounting Actions

Account reconciliation through edit and void processes
Complete audit trail and change history (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 portal
Refunding credit card and ACH payments
Email invoice, payment receipt, and statement
Transfer transactions to fix mistakes in account setups

Miscellaneous Charges and Credits

You will most likely set all tuition charges to be posted automatically. But, 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

Deposit 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.

Shared or Independent Ledger

Shared or independent ledgers for split families. This allows for accounting that is easy to understand and reconcile. 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.

Chart of Accounts

Revenue accounts setup and posting for exporting revenue data to any third-party accounting systems like Quickbooks.

Banking Type Ledger

Both debit-credit, banking type ledger and invoice-clearing payment process available.

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 you 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. This gives you yet another features for easier reconciliation of children bills.