PAC - Distribute Deposit Monies
This program is used to display deposits that are eligible for distribution. Therefore it only displays deposits for students who have left the school ('Date of Leaving' < current date).
Several options for distributing or refunding deposits are available:
- Refund the deposit and pass the transaction to the Accounts Payable system for production of a payment to the parent. The system will create an invoice in the Accounts Payable system for each parent who will receive a refund. Each accounts payable invoice created will have:
- The 'Parent Code' in the 'Invoice Number' field.
- The 'Parent Name' in the 'Comment 1' field.
- The 'Student Code' in the 'Comment 2' field.
The trigger to create these invoices is the running of program Finance > Parent Accounts > Student Deposit Refund > Apply Deposit Distribution.
To process cheque payments for these accounts payable invoices you will need to create a payment run using program Finance > Accounts Payable > Payment Cycle > Payment Calculator. You must select the 'Student Deposit Refund Cheques' option.
- Apply the deposit (or part thereof) against the balance owing on the parent account.
- Apply the deposit to a general ledger account such as building fund.
- Using a combination of 2 or more of these options.
Enter selection criteria on the 'Distribute Deposit Monies' screen or leave blank to select all deposits requiring distribution. Click the 'GO' button to display the deposits.
You can select multiple year groups by holding down the 'Ctrl' key and clicking the mouse in the 'Year Group' picker.
The amount available for distribution for each student is displayed in the 'Deposit Held' column. The amount owing on the parent account is also displayed in the 'Parent A/C Bal' column.
The next three columns are used to display how the money is to be distributed:
Refund | Any amount in this column will ultimately create an unpaid invoice in Accounts Payable against the supplier code set up in Finance > Parent Accounts > Setup Information > Deposit Refund Parameters. This is the option you use when a cheque is required to refund the parent. |
Tfr to Parent A/C | Any amount in this column will ultimately be applied as a credit to the parent account code using the fee code set up in Finance > Parent Accounts > Setup Information > Deposit Refund Parameters. |
Other | Any amount in this column will ultimately create a General Ledger journal. The journal will be: DR — The account setup in the 'GL Account Code for Deposits' in Finance > Parent Accounts > Setup Information > Deposit Refund Parameters. CR — The building fund account or other account used when distributing the deposit. The journal will be created in the General Ledger the next time that Finance > Parent Accounts > Period Activity > Post Period Activity is run. |
There are two methodologies available to enter distributions:
- Click 'Edit' in the 'Action' column and enter the distribution for each line.
- Click on the 'Auto', 'Refund' or 'Transfer' icons to update all records.
'Auto' will apply to the parent account balance first and then any amount left will become a refund.
'Refund' will ignore the parent account balance and place the full value to become a refund.
'Transfer' will apply the full amount to the parent account regardless if this action will force the account into credit.
Click the 'Update' button to save your deposit distributions. Click the 'Print Batch' to produce an edit list of this deposit refund.
You will now need to go to the Apply Deposit Distribution program to complete the process.