Child Care Accounting is Laborious if Not Integrated with Operations of the Center
iCare integrates billing, accounting, and operations – scheduling, attendance, and enrollments – most thoroughly. Talk to one of our consultants and find out how.
iCare integrates billing, accounting, and operations – scheduling, attendance, and enrollments – most thoroughly. Talk to one of our consultants and find out how.
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.
iCare provides a very flexible child care billing software. It includes:
iCare provides a very flexible billing setup. It includes:
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.
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
means you don’t payments with charges. The Ledger keeps a Running Balance, which makes it easy to review and reconcile accounts.
iCare Childcare Management Software has accounting based on ledger, 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 connect with a third-party financial system you may be using.
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
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.
If a child’s bills are split between two parents, then both parents have separate ledgers.
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.
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.
The subsidy account and ledger are like the private account and ledger, but with some differences and it includes methods for checks and reconciliation:
Outstanding account balances of all accounts.
Show as aging of balance of all accounts by weeks or months.
Summarized charges, credits, payments and refunds.
Summary of bills to be posted in any future period.
A detailed ledger for all accounts.
List of all bills scheduled to run in the future.
List of all Recurring payments.
List of credit cards and ACH payments.
All payments and deposit tickets.
Yearly Tax Statement for parents.
Formatted account statement for printing or emailing.
Deferred deposits (escrow account) balances.
Billing totals grouped by date and revenue account.
Deferred deposits (escrow) ledger.
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:
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 centeru2019s Tax ID and is ready for use for a parentu2019s tax return.