TRANSACT: Understanding Items

Items are used to classify amounts collected on invoices or forms for effective and efficient reporting.

• Add items to ensure you can effectively group / distinguish between monies collected, to align with your services financial reporting. 
• GL Codes can contain multiple Item names for flexibility of reporting eg. GL 3300 may include 3YO Term Fees and 3YO Enrolment Fees. 
• Item Flags
  • GST: GST treatment is applied based on an Items GST treatment at the time of invoice issuance (or in the case of Payment Fees and Payer Paid fees at the time of settlement)
  • is Term Fee: Mark term fees as is Term Fee = TRUE to ensure that these amounts are considered in all pro-rata calculations. eg. Where a child moves from one program to another mid term, the amounts recorded for Term fees will be considered in pro-rata calculations based on the coverage start and end date and the effective date of the change
  • is Income in Advance: mark deposits that should not be accounted for as income at time of collection as is Income in Advance = TRUE. eg. an Enrolment deposit used to offset the cost of Term 1 fees would be marked as Income in Advance. 
• There are three standard items always used. You can update the Item Name and GL code for reporting purposes. These include the following items (some may not be applicable to every TRANSACT user)
  • Payment Fee: These reflect the cost of sale associated with collecting money via the IntegraPay Payment Gateway. When viewing Income reports in TRANSACT you will see a negative income item for Payment Fees. When viewing Bank Reconciliation reports these amounts will also be reflected.  
  • Payer Paid Fee: These reflect amounts collected from customers where you have chosen to pass on the cost of payment to families. The amount applicable for each transaction is reported by IntegraPay in settlement files shared with TRANSACT. When viewing Income reports in TRANSACT you will see an income item for Payer Paid Fees. When viewing Bank Reconciliation reports these amounts will also be reflected.  
  • Fee via Income in advance: where fees are collected as a deposit to be offset against future fees (eg. enrolment deposit) these will be reported against the item they are offset against. However, where these fees are forfeited (eg. when a child departs and forfeits their deposit) the amounts collected will be reported in Fee via Income in Advance.