XenDirect has three main financial features: Invoices, Payments, and Reporting. Maintaining accurate and complete financial records is an important part of operating a program. It takes time and effort to do this properly, but it is necessary to obtain accurate financial status and analyze program viability.
INVOICES
What is the Purpose of an Invoice?
An invoice is a bill for services provided. Invoices in XenDirect are linked to a client and their registrations. The client's invoice determines how much is due for the purchase the client is making. All registrations are linked to an invoice even if the client pays the total amount due at the time of the registration. If an organization uses an external invoice system external to XenDirect to invoice businesses or individuals, the XenDirect invoice system is still required internally to determine amounts due and balances due.
What Information is in an Invoice?
The invoice contains information about the client and related purchases. The line items added to an invoice determine the amount due. The line items can be tuitions, fees, discounts, credits, adjustments, or any item that is required to determine the proper amount due for the invoice. An invoice can contain an unlimited number of line items including multiple course registrations. When determining the amount due or modifying the balance due on an invoice, this process is always done via an invoice line item.
What is the Difference Between an Invoice Debit and Credit?
There are two types of line items that can be added to an invoice. Debit line items increase the amount due on an invoice. A debit line item of $50 for tuition would increase the invoice amount due by $50. Credit line items decrease the amount due on an invoice. A credit line item of $5 for a discount would decrease the invoice amount due by $5. All adjustments to the amount due of an invoice other than actual payments are done via a debit or credit invoice line item. When registration is added via the Admin module or WebReg module, the
When is an Invoice Created?
When a registration is added via the Admin module or WebReg module, the invoice and related line items are automatically created based on the fees and automated discounts linked to the registrant's course section. Once created, any changes to fees do not change the invoice line items. Changes to the invoice must be manual or through one of the related functions such as the OnAccount/Refund function.
What is the Difference Between an Invoice and a Receipt?
A receipt is printed verification that a client has paid for an amount towards the invoice. An invoice is a bill for goods or services that have not yet been paid for. As such, an invoice can serve as a receipt, but a receipt is not an invoice. It is also different from a purchase order, which is a document issued by a customer as proof that what was ordered is an authorized purchase eligible for payment.
PAYMENTS
What is the Purpose of a Payment?
Payment is a financial transaction towards the amount due on an invoice. This is most often a cash, check, or credit card transaction on the behalf of the client. However, payment transactions can also include refunds and internal credit transactions called OnAccount. Payment transactions are used also to determine the amount of revenue an organization has received. Since invoice adjustments are not revenue, all modifications made to an invoice that are not payments are done via a debit or credit line item on the invoice, not via the client payment sections of XenDirect.
How are Payments Tracked?
Payment transactions are linked to a variety of data tables other than just the invoice. Some of the primary linkages include client, revenue item, account, transaction date, course section, and date of deposit. However, there are many more related fields on the payment record.
REPORTING
What Financial Reports are Available?
There are numerous reports and report templates for balances due, invoices, profit/loss, expenses, receipts, and more. The financial reports are available through the Report Menu >> Financial menu. Some of the reports have duplicated access from other sections such as the Receipt report which is also available through the client record.
Is the Calculation in Financial Reports Dynamic or Static?
The majority of all financial reports are dynamic. As the data related to the report changes, the outcome of the report also changes the next time the report is run.
Rick Stern
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