Financials Overview

Table of Contents

Video Overview

Understanding the Financials Dashboard

Starting Balances

Assigning Costs

Paying for Costs

- Applying Manual Payments

- Deleting and Editing Manual Payments

Cost Sharing

Video Overview

Understanding the Financials Dashboard

Green Boxes

Credit Cards - This is the total amount received from credit card payments, including online payments and manually logged credit card payments.

Cash, Checks, Program Credit & Other - When manually adding payments for student accounts, you can designate the payment type to be one of these options, these boxes help you track how much you've received for each category.

White Boxes

Cost Total - This is the total of the costs assigned to your members.

Overpaid Amount - This is the total amount that students have paid beyond the costs that have been assigned to them. This amount does not affect the "Total Remaining" amount.

Angel Fund - This is the money allocated to the Angel Fund. More details on the angel fund can be found here: Angel Fund and Credit Transfers

Red Box

Total Remaining - This is how much you still expect to receive based on the costs that have not been paid as well as balance transfers from previous seasons.

Starting Balances

Goal: often, newly created/imported students have a balance or credit from the previous year. Here's how to set their starting balance.

Navigate to the Program Settings page, scroll down to Onboarding, where you'll discover two features related to Starting Balances:

1. Add Custom Costs: For students with outstanding balances from the prior year, input a cost and label it as "rolling balance from last year."
   1. See the "Adding Custom Cost" video below for more details.
2. Add Bulk Payments If a student has a credit carried over from the previous year, select the "Add Bulk Payments" button on the Financials page to reflect this credit.
   1. Find the student who you're adding the credit to, fill in the MEMO, AMOUNT, and TYPE. For type, program credit is usually the most applicable.
   2. Once completed with all the students, press the "Add Payments" button at the bottom of the screen.

Assigning Costs

Assigning Bulk Costs

1. Navigate to the Financials page, and click the "Add Cost" button.
2. Choose whether to assign the cost to
   1. All students in your program,
   2. All students in a group, or
   3. A custom selection of students that you hand-pick from a list off all students in your program. There are many filters in this option to help you find those students quickly, as well as a "select all" option for when you've set the filters to your satisfaction.
3. Give your cost a Title, an Amount, Due Date, and (optionally) a Description. Choose whether you want to send a text notification about the new cost that has been assigned.
   1. If you select "Send SMS Notice to Guardians?" The parent will receive a text message or email with a notification and a unique link that will log them into their dashboard.
4. Clink on the "Save" green button.

Adjusting a Cost

If you need to adjust anything about a cost you've created, navigate to the Financials page and click on the Cost you want to adjust.

You can:

1. "Add Students" to this cost
2. "Edit all", where any changes will be applied to all members who are assigned to this cost
3. "Edit individual", where any changes only apply to that member
4. "Delete", deletes the cost from all members who are assigned this cost

Once you have made you selection above, Click the "Save" button where applicable.

Adding Custom Costs

Custom Costs are costs where each student owes a unique amount, as opposed to Bulk Costs where each student owes the same amount. This is especially useful for creating starting student account balances.

Discounting Costs and Waiving Fees

Goal: Because of a scholarship or volunteer contract, you need to partially or completely reduce a student's fee on a particular cost.

Navigate to the Financial page. After you create a bulk cost for the full amount, navigate to the "Applied Costs" and select the cost to be changed.

1. Find the student whose cost needs to be discounted or removed and click "Edit Individual."
2. Adjust the "Amount" to the discounted cost you need and add a reason for your records.
3. Click "Save."

Now your student has the correct amount of that cost applied to them! You should be able to see them at the bottom of that cost's details under "Students with customized cost."

Paying for Costs

Paying Online as a Guardian or Member

Once Cost is assigned to a member, a notification optionally goes out automatically to the Guardian on File for that Student Member.

1. Once they click their "magic link," from any CutTime notification they click the program under the student they'd like to access.
2. They can either use the "Jump to: Financials" button to be brought directly to their financial summary or scroll down to the bottom of this page to find this summary.
3. In the Financial Summary section, they click the "Make a Payment" button to be brought to the Account Payment page.
4. They type in the amount they would like to pay toward their student's account and click "Go to payment form."
5. They fill in their card information and click "Pay $x.xx" which will show the amount they are paying with the convenience fee added to the amount they are paying for their student account.
6. They will be brought to a page confirming their payment with the amount they paid and how that payment will appear on their card statement.

Below the Financial Summary section, they're able to see the transaction summary, a list of the costs assigned to their student, and a full history of payments logged in this season.

Transaction Summary

The transaction summary might show that they are "overpaid" at the time of payment because the cost's due date has not come yet. On the cost's due date, the amount of the cost is applied to that "overpaid" amount from the payment applied before that time, then the "running balance" will show how much is overpaid or due after that point. The more prominent "$x.xx due" is shown as the number after all costs have been applied to the student, and that's what's reflected in your financial summary.

Cost Sharing

Should a parent decide to request financial assistance with raising funds for their student's fees/pledges, they can share the cost to friends and family.

On their dashboard:

1. Jump to the Financials section
2. Click on "Share these costs" button
3. Fill out the Name and Mobile number of the person or people they want to share a donation link with.

At that point a unique magic link (and login) to that donor is sent to them. It is not the same magic link as the guardian sending it.

Friends and family can click through on the link and donate towards their student account.

Applying Manual Payments

1. Navigate to the Financials page and click "Add Bulk Payments"
2. Find the Student's name on this page who you'd like to add the payment to.

3. Add a memo, amount, and type of payment to the row for that student. The NEW column will show you what their fees will be after adding this payment to their account.

4. Repeat step 2 & 3 for as many students as you need.
5. Scroll down to the bottom of this page and click "Add Payments"

Deleting and Editing Manual Payments

1. Navigate to the Program Membership Details page of the member you'd like to edit or delete a payment from.
2. Scroll to the bottom of this page to find the "Payments" section

3. On the right side of the row showing the payment, click the three dots to open the menu to either delete or edit the payment!

Cost Sharing

Should a parent decide to request financial assistance with raising funds for their student's fees/pledges, they can share the cost to friends and family.

On their dashboard:

1. Jump to the Financials section
2. Click on "Share these costs" button
3. Fill out the Name and Mobile number of the person or people they want to share a donation link with.

At that point a unique magic link (and login) to that donor is sent to them. It is not the same magic link as the guardian sending it.

Friends and family can click through on the link and donate towards their student account.