TRANSACT: creating a new payment plan template

1. Access Payment Plan templates from Settings -> Payment Plan Templates

2. Select "Create New Payment Plan Template" 

3. Add Key attributes of the Payment Plan Template

• Name: This will be used for you to identify the difference between payment plan templates when approving a child's contract. Suggested naming convention: {Standard / Subsidy / Fortnightly} - Program Name - Year. eg. Standard - Blue Group - 2022
• Program: Select the applicable program from the list
• Is Subsidised: mark this as TRUE if this program should be the default for KFS eligible children
• is Live: mark this as TRUE
• Is Default: mark this as TRUE if this program should be the default for non-KFS eligible children

4. Select "Add New" to start adding line items that should be used on contracts. 

5. When adding a new line item to the payment plan

• Item: Select an item from the list available. See here for more information about items (which are used to categories income for accounting reports)
• Name: This will be used on the invoice sent to families and will also provide additional granularity for reporting. 
• Amount: the amount associated with this line item
• Use income in advance: the amount associated with any credit from amounts already collected and held in trust (eg. you may collect an enrolment deposit in Term 1 and credit it back as "income in advance" in term 4)
• Invoice On: the date the invoice should be automatically emailed. Note, payment will be deducted / required by this date + {payment terms}
• Invoice Mid Contract: select this if the amount should be invoiced on the date a contract is approved, even if the invoice date has passed. eg. enrolment deposits may be invoiced on 1Nov each year, however if a late enrolment is received in Jan and you wish the amount to be invoiced at that time "invoice mid contract" should be marked
• Coverage Start and End Date: These are only required for Items that are set flagged as "is term fee". These dates will represent the start and end of a term, or in the case of a fortnightly plan the start and end of the fortnightly period. 

Helpful hint:  After adding a line item you can "copy line item" to fill down. The coverage start and end date will be automatically calculated to immediately proceed the previous one. For fortnightly plans it is therefore recommended that the coverage dates are set to Sunday through Saturday for ease of creation. 

6. Click Save

Example Payment Plan Line Items